Indianapolis Developer Continues Major Push Into Northwest Arkansas

Indiana-based development company Watermark Residential of Indianapolis has one multimillion-dollar project going in Rogers, and will soon start another in Fayetteville.

The luxury apartment developer closed a deal Dec. 24 to pay $4.3 million for two tracts totaling 17.7 acres at the northeast corner of Steele Boulevard and Van Asche Drive.

Carrie Thrift LeFay, Watermark’s development manager, said the company will construct a 13-building complex on the site, to be called Watermark at Steele Crossing. It will include 306 total units, with a mixture of one-, two- and three-bedroom floor plans.

“We have started construction and expect to have the first units available later this year,” she said.

The project is being backed by a one-year construction loan of $33.2 million from Fifth Third Bank of Ohio.

Watermark bought the land from four LLCs who organized a tenants-in-common partnership.

Of that group, Leonard Boen, through his Steele Crossing Investments I LLC, was initially the sole owner of the land when he paid $4.43 million for the property in March 2006. Nanchar Inc. and MSB Properties LLC, led by Charlotte Steele and Marjorie Brooks respectively of Springdale were the sellers.

Three months later, according to property records, three other investors paid Boen $2.27 million for a combined 50 percent ownership in the property. They were RFI LLC (15 percent) led by Jim Irwin, Davis-Steele Crossing LLC (10 percent) led by John M. Davis, and CMB Properties LLC (25 percent) led by Robyn Ballard Ziperski.

Watermark is also developing a 220-unit property in Rogers called Watermark at Walnut Creek, a 22-building complex on a 14.3-acre site on South Promenade Boulevard, just south of Walnut Street.

“We are thrilled about our two current projects in Rogers and Fayetteville,” said Josh Purvis, senior vice president of Watermark. “If the opportunity presents itself, we would like to locate more communities in Northwest Arkansas.