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News in brief

November 24, 2021 at 2:10 a.m.

N.Y. firm retooling

Springdale complex

New York-based Olive Tree Holdings has purchased and is renovating a nearly 200-unit Springdale apartment complex for a new project aimed at low-income tenants.

The $23 million investment will create The Life at Elmwood Grove at the site of the former Springdale Ridge Apartments at 770 S. 40th St., according to a Tuesday release. The 192-unit multifamily apartments are in a 16-building garden-style format.

"Olive Tree's mission has centered on finding and improving existing assets or new projects that can provide quality housing to workforce households and families across the country," Ian Bel, principal, Olive Tree, said in a statement. "With The Life at Elmwood Grove development, we now manage over 8,000 units of affordable housing nationally, meeting a critical need within underserved communities."

This is Olive Tree's fourth partnership with American South Real Estate to build affordable housing in the South. American South Real Estate is a partnership between Los Angeles-based SDS Capital Group and Vintage Realty Company of Shreveport.

All the units will be rented at rates affordable to low-income families, according to Olive Tree.

-- John Magsam

Walmart adds insulin

product to offerings

Walmart Inc. has added a new insulin product to its more affordable private-label brand for diabetes management, the company said Tuesday.

ReliOn NovoLog Mix 70/30 combines a fast-acting insulin to control mealtime blood sugar spikes with an "intermediate" insulin that helps control blood sugar between meals, Walmart said in a blog post.

People with either Type 1 or Type 2 diabetes can use the injectable product available at all Walmart and Sam's Club pharmacies.

At $72.88 per vial and $85.88 for five FlexPens, ReliOn's version can save customers between 58% and 75% off the cash price of branded analog insulin, Walmart said.

Analog insulin is a lab-grown version of the human hormone, genetically altered for better performance, according to the Juvenile Diabetes Research Foundation.

Michael Burke, director of brand pharmacy merchandising for Walmart's health and wellness unit, said in the blog post that the retailer worked with insulin manufacturer Novo Nordisk to develop the product.

In June, the Bentonville-based retailer introduced what it said is the first private-label insulin, NovoLog.

-- Serenah McKay

State index up 25.02

for finish of 877.32

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Tuesday at 877.32, up 25.02.

Shares of Dillard's, Inc. jumped 8.25% to close above $400.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

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