Newell Development launches property management platform
by February 27, 2019 6:57 pm 826 views
Property developer Newell Development, which primarily builds residential projects in and around downtown Bentonville focusing on a walkable lifestyle, has launched a new property management platform called Wheelhouse Real Estate Management.
President and CEO Jake Newell said Wheelhouse will manage a combination of Newell Development properties and units owned by third parties. He said Wheelhouse should have about 350 units under management by mid-summer. Included in that figure is the 50-unit Woodlands at Creekside development at 1900 S.W. A St. The 2.75-acre multifamily development recently sold for $4.05 million to Osment Investments LLC, led by Ray and Deana Osment of Jonesboro.
“Our goal is [to manage] 1,000 units with three or four owners,” he said. “Long term, we’ll manage our own stuff, but we’ve got to get more units before we can do that.”
Newell said Mitch Moore is leading the Wheelhouse division.
Newell Development owns about 50 units in downtown Bentonville — a mixture of single-family houses, apartments and townhouses — with another 75 that will come online in the next six to 12 months.
Included in that is Depot No. 16, a $6 million housing development with 33 units for lease near the intersection of Southwest B and Sixth streets.
Newell said Depot No. 16 opens March 1 and is about 40% pre-leased.