Rising home prices in the region continue to make Northwest Arkansas a popular area for multifamily developers.
In the past year, home prices have increased by 14% in Washington County and 5% in Benton County, according to CoStar, which tracks commercial real estate information.
“Home prices have skyrocketed due to rising construction and labor costs affected by tariffs but also because of higher land values,” according to Todd Galvin, CoStar’s market analyst for Northwest Arkansas. “With the continued population growth in Northwest Arkansas, affordability is a concern. As a result, many homebuyers have turned to renting in recent years.”
Galvin said 1,700 new multifamily units have been delivered to the market this year.
“Demand continues to focus on high-end apartments,” he said.
One of the area’s newest developments is also one of the most unique. Tennessee-developer Vita Residential recently opened its Center Pointe West Apartment Homes at 1389 W. Centerton Blvd. in Centerton. Bacar Constructors of Nashville, Tenn., was the general contractor. Walker and Dunlop, a Maryland-based commercial real estate finance firm, backed the construction with a 32-year mortgage of $21.78 million.
The 14-acre development features 199 units and is comprised of one-, two- and three-bedroom apartments and two-bedroom townhomes. Vita Residential President and CEO Steve Sisson touts the construction as the region’s only smart apartments. Each unit is equipped with Vivint Smart Home technology so that residents can control their lights, locks, security system and thermostat from a smartphone.
A company spokesperson said Vita had leased about 70 units. Floor plans range from 720 square feet to 1,240 square feet. Monthly lease rates range from $850 to $1,345.
Other amenities include a 24-hour fitness center, bark park, pet spa, clubhouse, on-site maintenance and management, a playground and resort-style pool with sundeck.