Real Deals: 83 lots in Bentonville sell for $10.25 million

An 83-lot residential property in southwest Bentonville recently changed hands for $10.25 million. The purchase price equals $123,493 per lot.

A fund of New York-based real estate investment platform TPG Angelo Gordon bought 83 lots in the first phase of the Azalea Place addition on Ginn Road. The 20.7-acre addition is adjacent to the Osage Hills addition and northeast of the Benton County Fairgrounds.

TPG Angelo Gordon’s Essential Housing primarily provides land financing for homebuilders and has a three-year, option-to-purchase agreement on the lots with the Arkansas affiliate of Miami-based homebuilder Lennar Corp. Fayetteville builder J & M Capital Ventures LLC, led by Jon Brittenum Jr., was the seller.

J & M Capital acquired a larger portion of the property in separate deals for a combined $2.54 million in December 2022 and March 2023. The seller was an affiliate of Austin, Texas-based WM Capital GP LLC.

Springdale Industrial
About 26,000 square feet of industrial space east of the weigh station on Interstate 49 in Springdale recently sold for $4.55 million. The purchase price equals $175 per square foot.

An affiliate of Fayetteville-based TL Asset Management LLC, managed by T.J. Lefler, bought the approximately 13.75-acre property between I-49 and South 40th Street and along McRay Avenue.

The sellers were Springdale-based McRay Avenue Partners LLC, whose owner is Jo Lynn Steenbergen, and Bentonville-based Vet-Ser Enterprises, managed by Neil Pumford and Marion Morgan Jr.

Ethan Fowler, Colby Hoagland and Aaron Nicholson of Cushman & Wakefield / Sage Partners in Rogers represented the buyer. Pine Bluff-based Simmons Bank provided a two-year loan of $3.16 million and a five-year loan of $533,000. Northwest Arkansas Accommodators LLC, managed by partners of Johnson law firm RMP LLP, provided a five-year loan of $1.18 million. City Title & Closing LLC was title agent.

McRay Avenue Partners bought part of the property for $2.5 million in June 2023. Vet-Ser Enterprises bought a portion of the property for $290,000 in March 2018.

Lowell Office
A two-story, 24,149-square-foot office building in Lowell recently sold for $3.2 million. The purchase price equals $132 per square foot.

Christ the King Anglican Church, Northwest Arkansas in Springdale, whose rector is Ashley Mathews, bought 200 Parkwood St., southwest of East Monroe Avenue (Arkansas Highway 264) and South Bloomington Street (U.S. Highway 71B).

The seller was Arvest Bank Operations Inc., whose executive director is Tracey Williams. Fishers, Ind.-based Wesleyan Investment Foundation Inc. provided a 25-year loan of $2.5 million and a two-year loan of $300,000. Waco Title Co. in Springdale was the title agent.

Arvest paid $3.06 million for the property in November 2004. The sellers were Aaron Burkes and Rebecca Burkes.

Bentonville Abode
A two-story, 3,970-square-foot home in Bentonville recently sold for $3.2 million. The purchase price equals $806 per square foot.

A limited liability company, whose registered agent is Denton Woods, bought the home on 0.46 acres on Northwest C Street in the Nelagoney Glen addition, adjacent to Park Springs Park.

The seller was Black Apple Creek LLC, whose assistant secretary is Erron Smith.
The seller was represented by The Mayer Team with Better Homes and Gardens Real Estate Journey in Bentonville. The buyer was represented by Matt Rateliff with United Country/Rateliff Lifestyle Properties in Bentonville. City Title & Closing LLC was title agent.

Built in 2025, the single-family contemporary home has four bedrooms and five bathrooms.

Pinnacle Residence
A two-story, 7,063-square-foot home in the gated Pinnacle Country Club neighborhood has a new owner after a recent transaction worth $2.92 million. The purchase price equals $414 per square foot.

Jim Smith and Rebecca Hurst bought the home on 0.6 acres on West Champions Boulevard.

The seller was a limited liability company whose vice president is Lisa Hines.
Little Rock-based Encore Bank provided a 30-year loan of $2 million. Realty Title & Closing Services LLC in Springdale was the title agent.

Built in 2005, the single-family stucco home has three bedrooms and five bathrooms.

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