Buffington Homes pays $1.7 million for 69 acres in Fayetteville
by March 29, 2019 9:32 am 3,820 views
Fayetteville homebuilder Buffington Homes has completed a $1.71 million land purchase that will pave the way for the development of a significant residential neighborhood west of Interstate 49 in Fayetteville.
Buffington Homes paid $0.57 per square foot for two parcels totaling 68.7 acres at 3855 W. Weir Road. The Margaret McFarland Revocable Trust was the seller. Conway-based Centennial Bank provided financing with a $1.28 million loan. Neil Adams of Legend Realty in Farmington was the listing agent.
The property is bounded by Weir Road to the north, the Clabber Creek neighborhood to the south and the Salem Meadows neighborhood to the east.
Mike Lambeth and Clay Carlton are the owners of Buffington Homes. Carlton said as the property is being developed, Rupple Road will be extended from where it currently ends at Clabber Creek to the north along the eastern property boundary.
The name of the new subdivision will be Magnolia Park, with a concept plan featuring 169 single-family lots built in three to four phases.
The neighborhood will have three different lot and home types, and part of the property has been zoned for commercial use. The homes, depending on the phase, will range from $250,000 to $350,000 and up. One section of the homes will have alley access.
The Fayetteville Planning Commission approved the preliminary plan for the neighborhood plat March 25.