Real Deals: Hawthorne Heights in Bentonville sells for $22 million

A 54-unit residential development in northeast Bentonville recently sold for $22 million. The purchase price equals $407,407 per unit.

Hawthorne Heights Landco LLC, managed by Davis Howell, bought the cottage homes in the Hawthorne Heights addition at 906 Northeast Heights Lane, west of Northeast J Street. Howell is the founder and CEO of Knoxville, Tenn.-based real estate investment company Safe Harbor Investments LLC.

Blue Lake Shanti LLC and Shanti Bentonville LLC, both managed by W. Brock Martin, were the sellers. Martin is co-founder of commercial real estate investment firm Orion Capital Partners, which has offices in Bentonville and Little Rock. In November 2019, Orion broke ground on the $15 million development designed for those at least 55.

The master-planned community, designed by Miller Boskus Lack Architects in Fayetteville, includes 54 freestanding homes. The single-story, single-family cottage homes range from 1,377 to 1,872 square feet, and rent is based on lease terms. Amenities include a two-story clubhouse, billiards lounge, community kitchen, gym, outdoor heated pool, dog park and pickleball court.

CoreVest American Finance Lender LLC in Irvine, Calif., provided a loan of $18.35 million. Allegiance Title in Fayetteville was the title agent.

An investment group organized by Orion paid $864,000 for the land in 2019. The 13.5-acre project includes adjacent 12-townhome development Hawthorne Row and is about one mile north of the entrance to Crystal Bridges Museum of American Art.

Bentonville Duplexes
A 76-unit multifamily development north of Arkansas Highway 102 in west Bentonville recently changed hands for $9.82 million. The purchase price equals $129,276 per unit.

New York-based Carriage Ventures Management LLC, whose managing member is Alexander Roth, bought the development in the Carriage Square addition on Southwest Victoria Place and Southwest Landau Court, along Southwest Elm Tree Road.

The sellers were Printz Ltd., whose general partner is Darren Printz, Holcomb Street Properties LLC, whose managing member is Jim Bryan, and Lerwick I Oil & Gas LLC, managed by Paul Lerwick. Darren Printz is also president of Texas-based Manta Oil & Gas Corp.

Built between 2003 and 2014, the development includes 38 two-story and single-story multifamily buildings ranging from 1,690 to 2,364 square feet.

Rogers-based Generations Bank provided a two-year loan of $8.32 million. Realty Title & Closing Services LLC in Rogers was the title agent.

Walmart Land
Bentonville-based Walmart recently bought about 23.32 acres of pastureland southwest of Monroe Avenue (Arkansas Highway 264) and Bellview Street in Lowell in separate transactions for a combined $8.38 million. The purchase price equals $359,348 per acre.

The sellers were Robert T. and Ruth A. Billingsley, and Efrain Jewell and James C. Jewell, all of Lowell. City Title & Closing LLC in Fayetteville was the title agent. The property includes a 1,838-square-foot, single-family home and well house.

Asked about property plans, Walmart provided the following statement: “We’re always exploring areas for growth and new opportunities to better serve communities and have no additional information to share at this time.”

The Billingsley and Jewell families acquired the properties for a combined $930,000 in separate transactions in June 2015 and October 2023. The sellers were Bear State Bank and Ryan and Cassi Beamer. Fayetteville-chartered Arvest Bank acquired Bear State Financial Inc., the parent company of Bear State Bank, in 2018 for $391 million.

Lucky Farm
A 64.77-acre poultry farm in west Washington County has a new owner after a recent transaction worth $4.7 million. The purchase price equals $72,558 per acre.

Za Thawng Lian and Ngun Tin Tial of Hindsville bought the farm on Summers Mountain Road off U.S. Highway 62 near Lincoln. The seller was Tiffany’s Lucky Farm LLC, managed by Tiffany Thao Phan of Lincoln.

The property includes six 39,600-square-foot poultry houses and a 1,232-square-foot single-family home, all built in 2016. It also comprises a smaller poultry house, pole sheds, and utility building built between 2017 and 2021.

Live Oak Banking Co. in Wilmington, N.C., provided a five-year loan of $3.47 million and a three-year loan of $131,315. The U.S. Department of Agriculture Farm Service Agency provided a 20-year loan of $600,000.

Phan purchased the property in February 2021 for $4.1 million. The sellers were Antoine Truong and Amy Giang of Lincoln.

Editor’s note: Information in this report was gathered with assistance from the office of Benton County Assessor Roderick Grieve.