Real Deals: Fayetteville multifamily planned after $7.2M land sale

A real estate development group purchased 23 acres near the Wedington Road exit in Fayetteville for $7.2 million.

A joint venture between Little Rock-based Moses Tucker Partners, Equity Partnership Holdings and C&A Cos., both of Colorado, bought the land east of Interstate 49 south of Cross Church. They made the purchase through EPH 47 LLC.

Pam Angus LP and Marinoni Inc., led by Mary Sue Shaw, was the previous landowner. Waco Title Co. of Springdale was the title agent.

The new owners will develop the site to include a 600-unit multifamily community. The development is still in the early design phase.

“The University of Arkansas and the larger Northwest Arkansas community are growing exponentially, so our firm is excited to bring the momentum and success of our multifamily development in central Arkansas to this expanding market,” said Chris Moses, Moses Tucker president and CEO.

Moses Tucker will lead the site development and, upon its completion, assume management of the property. Construction is slated to begin in the second quarter of 2024.

A Moses Tucker spokeswoman said future residents can expect an assortment of upscale amenities, including a fitness center and yoga studio, two resort-style pools, state-of-the-art smart technology, outdoor entertainment areas and access to bike and nature trails.

Since 2021, Equity Partnership Holdings has closed on over 30 multifamily properties in nine different states, with 14 of the properties in Arkansas.

“EPH has invested heavily in Arkansas real estate over the past few years, and we are excited to expand our footprint to the Northwest Arkansas market,” said Nick Forss, an EPH principal.

PRAIRIE GROVE PROPERTY
New residential development in Prairie Grove is on the way after a 117.9-acre land sale worth $5.72 million. The purchase price equals $1.11 per square foot.

Rausch Coleman Homes of Fayetteville bought the land south of East Butler Road. Various limited liability companies managed by Dwight Bartholomew previously owned the land.

Steve Fineberg and Brennan Sharpe with Steve Fineberg & Associates of Bentonville brokered the deal. Waco Title Co. of Springdale was the title agent.

Rausch Coleman will develop the land into a neighborhood called Copper Hill. The planned unit development will have 580 single-family homes, townhouses and duplexes to be phased in over the next nine years.

FARMINGTON LAND
A 7.96-acre land sale in Farmington closed recently for $1.87 million. The purchase price equals $5.41 per square foot.

Brand New Church, led by president Shannon O’Dell, bought the land at 700 W. Main St. Avance Business Solutions Inc., led by Jeremy Avance, was the seller.

Grand Savings Bank in Fayetteville provided financing. Waco Title Co. of Springdale was the title agent. Brennan Sharpe with Steve Fineberg & Associates in Bentonville represented the buyer. Ben Salmonsen with Salmonsen Group Realtors of Keller Williams Market Pro Realty in Bentonville represented the seller.

Brand New Church held a groundbreaking last month at the site and is building a new facility.

BEAVER LAKE HOME
A 3,557-square-foot residence built two years ago on Beaver Lake in Benton County sold recently for $2.49 million. The purchase price equals $701 per square foot.

Darren and Donna Field bought the 4.3-acre residence on Cedar Rock Road in Garfield. Brian and Peggy Arend were the sellers.

Springdale-based Legacy National Bank backed the deal with a $1.87 million loan that matures in January 2029. City Title & Closing of Fayetteville was the title agent. Stephen Sohosky with Beaver Lake Realty Inc. of Garfield brokered the deal.

The four-bedroom home includes a private two-slip boat dock with a swimming deck.

Real Deals submissions: Submit tips about Northwest Arkansas lease activity, construction, transactions or upcoming projects valued at $300,000 or more to Paul Gatling at [email protected]. Please write ‘Real Deals’ in the subject line.