Lamplighter Looks to D Street To Meet Downtown Demand
by March 16, 2015 12:04 am 1,124 views
Aided by the nearby presence of a world-class art museum, the downtown square in Bentonville has changed in the last several years from an afterthought to a destination.
That evolution has prompted an uptick in the residential restoration niche of the real estate market.
One company taking advantage of the square’s growing popularity as a walkable neighborhood is Lamplighter Restoration Inc. of Bentonville, owned by Todd Renfrow and Patrick Sbarra.
It’s a labor of love for both businessmen. Renfrow and his wife own Bentonville Academy of Music. Sbarra is president and co-founder of shopper marketing agency New Creature in Rogers.
“It’s really been a lot of fun,” Renfrow said. “Not just rebuilding houses, but taking something vital from the past and revitalizing that. It’s a passion for Patrick and I. ‘Crafting communities’ is our tagline, and we’ve really enjoyed that part of it.”
Since Lamplighter was incorporated three years ago, Renfrow said he and Sbarra have sold 10 to 12 renovated homes. The company’s focus right now is concentrated on Southwest D Street, a couple blocks west of First Baptist Church Bentonville.
Over the last couple of years the company invested approximately $800,000 to acquire five homes from 203 to 216 S.W. D St.
A restored home at 214 S.W. D St., purchased in October 2013 for $207,000, now has three stories and 2,880 SF and is listed with Natalie Edwards with Coldwell Banker Harris McHaney Faucette for $634,500.
Other homes are trailing in various stages of renovation, which is being financed by Fayetteville-based Signature Bank of Arkansas.
In addition to buying and restoring classic homes in the downtown core area, Lamplighter is also nearing completion of a townhouse project at the corner of Northwest A and Northwest Third streets.
Lamplighter bought a home on the property in June 2013 for $230,000. It was removed down to the pad, and four, single-family townhomes have been rising in its place. They range in size from 1,900 to 1,940 SF, and two have already sold for approximately $250 per SF.
Construction should be finished by mid-May, Renfrow said, and is being financed by Arvest Bank of Fayetteville.