A Little Rock-based brokerage and development group has announced plans for a $15 million residential development in Bentonville geared toward “active” seniors.
Orion Capital Partners will break ground Nov. 7 at 2 p.m. on Hawthorne Heights, a 13.5-acre project along Northeast J Street, across from the Chapel Hill subdivision and north of the Allencroft subdivision. The site is roughly one mile north of the entrance to Crystal Bridges Museum of American Art.
The developers describe Hawthorne Heights as maintenance-free living designed specifically for seniors age 55 and older.
The master-planned community, designed by Miller Boskus Lack Architects of Fayetteville, will include 54 freestanding homes, each ranging from 1,400 to 1,900 square feet.
Ben Lester, a principal and co-owner of Orion Capital Partners who lives in Bentonville, said the homes will be available for lease only. A clubhouse and swimming pool will be among several amenities.
Lester said Orion Capital will also build a group of 12 townhomes at the site along J Street called Hawthorne Row. Those will be available for lease without any age restrictions.
Arvest Bank is financing the construction with an $11.85 million funding agreement.
“We feel like there is a gap there in the senior housing market,” Lester said. “You have people that live in their homes that are getting a little bit older and they want to downsize or don’t want to maintain a large home. They can move into something a little smaller that is nice and new. They can lease. We think there is an opportunity for a lot of people in that age bracket.”
Rick Mooney Construction of Van Buren is the general contractor. The first homes are expected to be available by summer 2020.
Orion Capital Partners focuses primarily on healthcare and senior housing real estate deals. The company put together a group of investors who paid $864,000 for the Northeast J Street land in Bentonville earlier this year. Brock Martin, the founding partner at Orion Capital Partners, is the managing partner of the investment group.