Rogers-based ERC Construction Group is partnering with a Missouri developer for a second multifamily project in Northwest Arkansas.
According to a news release on Thursday (May 19), the 152-unit project is called Pure Lowell. The 7.7-acre site is just off northbound Interstate 49 at the Lowell exit on Commerce Creek Drive, just north of the corporate headquarters of J.B. Hunt Transport Services.
Mia Rose Holdings is the developer. The two companies have a 234-unit development under construction in Washington County called Pure Springdale.
Mia Rose Holdings president Tom Kaiman owns the Lowell land through a limited liability company. In January, the property changed hands for $1.01 million ($3 per square foot). Johnelle Hunt, through her Lowell Office Partners II LLC, was the seller.
Construction will start this month, and the project will be completed by the third quarter of 2023.
“Our vision is to create a truly unique community that feels like a welcoming neighborhood where people can live, work, recreate and, most importantly, feel at home,” ERC Holdings president Rob Coleman said in a statement. “ERC’s first priority in planning any development is selecting a location that will be convenient to residents and complement the master plan of the surrounding city. Pure Lowell is positioned in the hub of all of the exciting growth happening in Northwest Arkansas.”
According to the release, Pure Lowell’s 10 apartment buildings will include 109 one-bedroom units and 43 two-bedroom units. Each building will be three stories tall and feature various colors and exterior materials “to create visual interest and the feeling of a neighborhood.”
“The entire Mia Rose development team is excited about our second major development in Northwest Arkansas, which is part of our ‘49 Growth Plan’ to develop strategic multifamily sites along the highway 49 corridor that support the exciting growth in Northwest Arkansas,” Kaiman said in the release. “We have a great partnership lined up with Rob Coleman and the ERC team.”
Amenities will include walking trails, a resort-inspired pool, a clubhouse, a bicycle garage, a 1,000-square-foot fitness, a technology lounge/business center, a pocket park and numerous greenspace gathering areas.
Sharp Architects Inc. is leading the design work “in a way that defines private recreational spaces for the residents,” the release said.
The general contractor is Pick-It Construction Inc. in Fayetteville. The property manager is Trinity Multifamily of Fort Smith.
First National Bank of NWA (FNBNWA) has issued a five-year mortgage of $18.25 million to finance the project.
“On behalf of First National Bank of NWA, I want to say how proud I am to work with ERC, Mia Rose Holdings, Pick It Construction and the team they have put together,” bank president Rob Husong said in the release. “This is a great project in a very convenient location that will provide a source of needed residential units. Based on other projects from those on this team, I am convinced this project will be of high quality and managed very well.”