Bentonville-based Newell Development has closed a deal to sell three multifamily properties in downtown Bentonville for $25.6 million.
Depot 16 Apartments (517 S.W. B St.), The Village Flats & Townhomes (226-234 S.W. Seventh St.) and Dunn and Davis Townhomes (606 S.W. B St.) have a combined 85 units. Newell developed the properties between 2017 and 2020 and they had a combined occupancy rate of 97% when the new owner bought them.
According to property records filed Oct. 1 at the Benton County Courthouse, the new owner is California-based Canyon View Capital. The purchase price equals approximately $301,000 per unit.
Newell Development CEO Jake Newell said the transaction is a “record-setting price per door” for the region. The three properties are close to one another, and Newell said their development fulfilled the company’s mission to “curate place” and to create a walkable, bikeable and sustainable downtown community.
“It was exciting to develop these properties and watch the sense of community come together as residents moved in,” Newell said in a statement provided to the Northwest Arkansas Business Journal. “Our focus has been to build high-quality housing options near bike trails and close to the downtowns of NWA and we’re excited to continue similar development projects. We love seeing neighbors from our properties out enjoying our trails and quality of life.”
Wheelhouse Real Estate Management, a division of Newell Development, has been the management company for the portfolio since their development and has maintained the properties from construction completion until the acquisition. Newell founded Wheelhouse in 2017. The company provides multifamily management and brokerage services to several properties in Northwest Arkansas.
“We are thankful for the community partners who have made these developments possible over the last few years,” Newell said.
Newell’s newest development in downtown Bentonville is The Howard, a $15 million mixed-use project under construction two blocks east of the square along East Central Avenue in downtown Bentonville.