A Look at Important Real Estate Transactions

Apartments Coming to Steele Crossing

Construction Enterprises of Nashville, Tenn., on March 17, purchased 15 building permits valued at a combined $6.45 million to begin building a large apartment complex in north Fayetteville.

Bristol Park at Steele Crossing will be a 272-unit, upscale apartment complex at phase I of CMN Business Park II.

The apartments will range from 800-1,100 SF

There will be 15 buildings in the complex, including a car wash, clubhouse, fitness and business center and a swimming pool. There will also be boat and car garages.

The target date to begin leasing is May with occupancy beginning Aug. 1.

Bristol Park at Steele Crossing GP LLC is listed as a Tennessee LP. Ashley Hines is its chief manager. That company as well as second party Munimae Midland Construction Finance LLC got a $16.5 million loan from Fannie Mae Security for the development.

Charlotte Steele of Nanchar Inc. and Marjorie Brooks of MSB Properties LLC are the developers of CMN Business Park.

The project superintendent for Construction Enterprises is Mike Barnes.

The Fayetteville City Council approved rezoning of the 32-acre location off Joyce Boulevard and west of the Wal-Mart Supercenter last summer.

The new roads for Bristol park at Steele Crossing will be Meadow Creek Circle, Stone Creek Heights and Beech Creek Way.

Arkansas Dream Builders Gets First Permits

Sisters Annabelle Nickell and Angel Hobbs, co-owners of Arkansas Dream Builders in Farmington, received their first permits recently to begin building homes in Northwest Arkansas.

The first eight permits were valued at a combined $1.25 million for homes at a west Rogers subdivision.

Emerald Heights is west of Interstate 540 off Pleasant Grove Road and near Bellview Elementary School. The homes will range from 2,341-2,643 SF.

Also, Arkansas Dream Builders got two permits to begin construction at Fayetteville’s Bridgeport subdivision. The homes will each be 2,100 SF and will be priced to sell for about $205,000. They are at 1871 and 1885 Colony Way.

Nickell said the company will be using house designs by Frank Betz of Smyna, Ga.

Lindsey Adding More Than 400 Apartments in Fayetteville

Lindsey Construction Co. from March 14-17 purchased nine building permits valued at a combined $2.36 million to build a portion of two different Fayetteville apartment complexes.

Phase II of Cornerstone Apartments will have nine buildings containing 108 apartments. There will be 36 one-bedroom units and 72 two-bedroom units. Work has begun and Lindsey Construction expects to have the first building ready for occupancy about July 1, with total construction completion about Sept. 1.

The one-bedroom units will range from 545-667 SF and rent for $475-$495 per month. The two-bedroom units will range from 849-989 SF and rent for $525-$595 per month.

Cornerstone Apartments are located just off the Interstate 540 and Wedington Drive intersection near Hank’s Discount Fine Furniture.

Southern View Apartments, located just off I-540 near the west campus of Fayetteville High School, will have 25 buildings and 300 apartments. There will be 100 one-bedroom units and 200 two-bedroom units.

The first building at Southern View Apartments will be ready for occupancy about Aug. 1, with total completion expected in early 2004. The one-bedroom units will range from 545-667 SF and rent for $455-$495 per month. The two-bedroom units will range from 849-1,043 SF and rent for $515-$615 per month.

Brownstone to Have Huge Impact in Bentonville

Perry Ellis Butcher, marketing director at Brownstone Development, said the large planned commercial project will have about a $350 million-$450 million buildout. He also believes it will have as much as a $2 billion impact after all construction in and around the development is completed in 10-15 years.

Brownstone is about 3.5 miles west of Rainbow Curve in Bentonville.

Butcher said the surrounding subdivisions and commercial property that will be coming to the area will bring in about 8,000-10,000 people to the area, located just across from the Wal-Mart Stores Inc. distribution centers on Airport Boulevard.

Construction will begin on the first building in April. The 21,000-SF Katy building will be a two-level facility expected to be occupied by spring of 2004. Butcher said 50 percent of the Katy building has already been leased.

On Feb. 12, Perry L. Butcher, owner of Brownstone Development LLC, got four loans totaling $1.5 million from Bank of America in Fayetteville to complete the purchase of 21 acres.

Brownstone has 151 acres, but may be adding to that total in the future.

Sweetser Gets Permits for Additional Units

Jerry D. Sweetser Inc. of Fayetteville on March 14 purchased two more building permits valued at a combined $1.29 million to add more Fayetteville apartments.

The latest permits will be for a portion of the 96 luxury apartment units going up on Leverett Avenue, just north of the intersection with North Street. One of the new complexes will be 16,380 SF while the other will be 15,440 SF.

Bill Sweetser runs Sweetser Construction and Sweetser Properties.

Crystal Springs Gets Taste of Dixie

Dixie Construction LLC of Fayetteville on March 12 purchased seven building permits valued at a combined $753,008 to build homes at a west Fayetteville subdivision.

Crystal Springs subdivision is located just off Crystal Springs Road near Holcomb Middle School. Dixie is building 15 homes in all at the subdivision. They will be on North Pyrite Drive and range from 1,660-2,000 SF.

Ben Israel is president and CEO of Management & Investment.

Puttkammer Continues Shadow Valley Additions

Vance Puttkammer Homes Inc. of Rogers on March 4 purchased two building permits valued at a combined $481,032 to build more homes at a southwest Rogers subdivision.

Puttkammer’s latest two homes at Shadow Valley subdivision will be a 3,690-SF, two-story home at 7002 Shadow Valley Drive and a 3,384-SF, two-story home at 5230 Shadow Lake Court.