Fayetteville-based home builder Buffington Homes of Arkansas has purchased 114 bank-owned lots totaling 90 acres in Cave Springs for $5.47 million, a purchase price of $1.40 per square foot.
The lots are in Phase II of the 150-acre Otter Creek Estates neighborhood, north of Arkansas Highway 264 and west of South Rainbow Road.
Conway-chartered Centennial Bank provided financing. Phillip Cingolani with Crye-Leike Realtors was the listing agent.
Buffington Homes, led by Clay Carlton and Mike Lamberth, bought the land from Cave Springs Municipal Property Owners Improvement District Nos. 3 and 4, through trustees of First Community Bank of Batesville. Gary Brandon, through his Gary Brandon Enterprises Inc. of Springdale, started site work on the 192-lot subdivision in late 2005.
Juliana Salazar, Buffington Homes’ principal broker and marketing director, said construction on the first of two model homes — one 3,133 square feet and the other 3,567 square feet — will begin within 90 days.
Homes will start in the range of 3,000 square feet and $400,000.
Neighborhood amenities include walking and biking trails, swimming pool, clubhouse, tennis court, basketball court, playground, park and stocked fishing ponds.
Emily Noetzel with Neighborhood Realty is the exclusive listing agent for Buffington Homes in Otter Creek.