Farmington residential development sells for $32 million

A 148-unit multifamily development and an adjacent single-family home in Farmington recently changed hands in separate transactions for $32.15 million. The purchase price equals $630,392 per lot.

Dallas-based Brazos Cedar Crest LLC, whose president is William Hancock, bought 51 residential lots in the Cedar Crest addition at East Saltbox and North Broyles streets. Hancock is managing partner and co-founder of multifamily real estate investment firm Brazos Residential in Dallas.

The sellers were Fayetteville-based Hampton Holdings LLC and Tontitown-based Hickory Properties LLC, both managed by Tamara Martin. New York-based Arbor Commercial Funding I LLC provided a five-year, $20.93 million loan. City Title & Closing in Fayetteville was the title agent.

Built from 2021 to 2022, the development includes 38 duplexes and 12 two-level townhomes ranging from 1,200 to 1,500 square feet. Amenities include pool, pavilion and playground. The townhomes comprise 72 units, and the duplexes include 76 units. The separate transaction included a 1,694-square-foot, single-family home built in 2022. The lots are along East Loveland Loop, North Cloudy Loop, North Seattle Avenue and North Syracuse Avenue.

Hampton Holdings paid $1.07 million for the property in February 2019. The seller was Doris Ann Yates.