Lindsey Starts Stearns Street (Real Deals)

Lindsey Construction Co. of Springdale recently bought 24 building permits valued at $13.9 million to build apartment units in the 23-acre Stearns Street Apartments complex in Fayetteville. The 276-unit complex off East Joyce Street will have 92 one-bedroom units that will range from 545-666 SF and 184 two-bedroom units that will range from 849-1,043 SF. The first units will be available for lease in July. One-bedroom units will rent from $465 to $515 and two bedrooms will rent from $535 to $650.

Bank of Arkansas is financing the development for Stearns Street LLC, which is led by Jim Lindsey of Fayetteville.

Kim Fugitt of Fugitt & Associates in Fayetteville is the architect, and Crafton Tull & Associates of Rogers is the engineer. The apartments will look similar to other Lindsey apartments such as Southern View in Fayetteville. Amenities include an 8,000-SF clubhouse with a fitness center, game room and meeting room, as well as an outdoor pool.

Stearns Street bought the 23 acres in May 2003 from several people including 3.9 acres from Jans Ray and Marlene Ray for $372,000, and some from David Ray, Lisa Ray, Darren Ray, Don Harris and Debra Harris for $168,000.

Combs Readies Units on Electric

Gary Combs of Basic Construction Co. of Springdale recently began construction on 192 efficiency apartment units at the Electric Avenue Apartments complex off Old Missouri Road in Springdale. The units, which will be 550-SF each, are expected to cost about $7.7 million to build.

Combs is the developer and Basic is the general contractor. The upscale units will rent from $450.

First Federal Bank of Springdale is financing the construction.

Dennis Becker of Design Direction in Fayetteville is the architect for the project and Landtech Engineering Inc. of Springdale is the engineer. There will be a total of 504 units in the Electric Avenue complex when the efficiencies are complete.

Basic recently completed a phase of 192 units that are now ready for rental.

Mathias Builds Centerton Apartments

Mathias Rentals of Springdale recently began site work on a 72-unit apartment complex in Centerton.

Mathias Construction Co. of Springdale will be the general contractor of the development, which carries a construction cost of more than $3 million. James Mathias is the developer and owns both the construction and rental company. There will be six two-story buildings housing one- and two-bedroom units. The 24 one-bedroom units will be 550 SF and the 48 two-bedroom units will be 1,000 SF. Mangold Construction & Architecture of Rogers was the architect and Keystone Consultants Inc. of Springdale engineered the site.

The apartments are expected to be ready for rental in August.

Carpenter Carries Brandon’s Way

Tad Carpenter, president of Carpenter Construction Inc. of Springdale, bought the 22-acre Brandon’s Way subdivision from Mike Pennington of Pennington Developments for $1.2 million on April 29.

The 53-lot development is located off of Har-Ber Avenue in Springdale north of the new Springdale High School. Carpenter bought 17 permits to begin construction on the lots that average 0.25-acres. Carpenter Construction will build all the homes. Keystone Consultants of Springdale is the engineer. Homes will range from 1,500-1,663 SF and will sell from $140,000-$160,000. They will feature 100 percent brick or stone masonry, architectural shingles, sodded yards, custom cabinets, crown molding and 10-foot ceilings.

Bank of America in Springdale is financing the development.

The first homes are expected to be complete by mid-August. Danelle Carpenter of Springdale’s Matlock Real Estate Services LLC will be the listing agent.

Community First Forays into Eureka

Community First Bank of Eureka Springs will open a 7,500-SF facility in Eureka Springs on May 17. It is located at the intersection of U.S. Highway 62 and Arkansas Highway 23 North.

Community First has one location in Berryville and two in Harrison.

ConArk Builders of Rogers is the general contractor of the project, which has a construction cost of more than $1 million. Ken Shireman Architects of Fayetteville is the architect.

About 15 employees will occupy the new location. It will have two drive-up teller lanes and an ATM lane, as well as three indoor lobby teller spaces and an Internet banking area. It will also house 11 offices.

The late Brenda Borne of Eureka Springs was the interior designer. The building features a lot of local art, such as a hand-made, seven-foot eagle-topped weathervane by Eric’s Metals of Eureka Springs. There are nine interior chandeliers hand-crafted by John Stalling of Eureka Springs.

The exterior stone masonry was done by Bruce Wright of the same city.

CME Eyes Elkins For Residential Sites

CME Quality Homes, owned by Tad Carpenter and Larry Matlock of Springdale, recently bought 15 building permits valued at more than $1 million to build homes in the Meadowbrook subdivision off of Arkansas Highway 16 in Elkins. CME is the general contractor.

Meadowbrook Development LLC developed the 74-lot subdivision, which includes two commercial lots. It was the last subdivision to be approved for development before a “sewer moratorium” was issued for Elkins.

Carpenter Construction Inc., owned by Carpenter, and Affiliated Investors Inc., owned by Larry Matlock and Bill Matlock, are the partnering developers in Meadowbrook.

First State Bank of Fayetteville is financing the construction. ESI Inc. of Springdale engineered the plat. Dean Crowder Construction of Bentonville did the site work.

Homes will range from 1,400-1,600 SF and sell from $120,000-$130,000. Lot sizes range from 0.27 to 0.34 acres. Homes will be 75 percent brick and feature architectural shingles, sodded front yards, 10 foot ceilings, crown molding, upgraded appliances, marble bathroom countertops and Jaccuzzi tubs.

Danelle Carpenter of Matlock Real Estate Services LLC of Springdale will be the listing agent.

Burckhart Crowns Avignon Nearly Complete

Castlestone Builders, owned by Bob Burckhart of Bentonville, bought a building permit on April 7 valued at $542,437 to build a “speculative” home located on lot 42 in the Avignon subdivision.

Burckhart is the developer of the subdivision and has two other lots under construction in the 40-lot project. Superior Federal Bank of Fort Smith financed the development. Two homes are custom jobs and one is a spec home.

About four to five lots remain in Avignon before it will be sold out. Homes have a 3,000-SF minimum and sell from $350,000.

Architectural shingles, full-landscaping, 50 percent masonry, exterior lighting and gas lamp posts are just some of the covenant requirements for Avignon.

Johnson Has Valley Views

Lance Johnson Builders of Springdale recently bought four building permits valued at more than $500,000 to build four homes on Valley View Road in Rogers’ Shadow Valley subdivision.

The “spec” homes range from 3,000-4,000-SF and will sell from $350,000-$550,000. Of the 338 lots total in Shadow Valley’s phases one through three, nine are still for sale. Developer Charles Reaves said he hopes to recieve final plat approval by June to open the 123 lots of phases four through six.

Hall Builds At the Pinnacle

Lester Hall Construction of Pea Ridge recently bought a building permit valued at $360,468 to build a 3,300-SF home at 5 Sawgrass Court in Rogers’ Pinnacle subdivision. Tom Hopper of TallChamps LLC is the developer of the 540-acre subdivision.

Crafton Tull & Associates Inc. of Rogers engineered the plat. The custom home is scheduled for completion by March 2005 and will feature cedar shingles, full brick exterior, a fully sodded yard, a three-car garage, hardwood flooring, tile, granite countertops and upscale appliances.

Hall bought the 0.5-acre lot from Hopper for $80,000 in August 2003.

Hall is also building a 7,000-SF home with a building permit value of $374,000 at 10 Mission Hills Circle that was started in June 2003 and a 4,000-SF home at 3 Mission Hills Circle valued at $232,288 that was started in September 2003.

Regions Bank of Rogers is financing the construction. Hall has been building homes in the 540-acre Pinnacle development for 10 years and estimates he’s built about 50. His projects there range from 1,800-5,000-SF, depending on the location of the lot.

Lots sell from $90,000-$250,000 and range in size from 0.33 acres to 1 acre. Left for sale are about 215 lots of the more than 700 lots. Included in that number is the 110-acre phase four that is scheduled to open 140 lots for home construction in June.

McClinton-Anchor of Fayetteville is doing the site work. First Security of Rogers financed the site work.

March Mortgage Reports
Benton County

Lender — Value — % Share

General Electric Capital Corp. — $200.00 — 47.97%
Arvest Mortgage Co. — $27.51 — 6.60%
Arvest Bank-Fayetteville — $24.04 — 5.77%
Arkansas National Bank N.A. — $23.57 — 5.65%
Arvest Bank-Bentonville — $21.65 — 5.19%
First Federal Bank of Arkansas — $12.91 — 3.10%
Bank of America — $10.76 — 2.58%
Regions Bank — $10.33 — 2.48%
First Security Bank — $10.23 — 2.45%
Arvest Bank-Rogers — $9.53 — 2.29%
Wells Fargo Home Mortgage — $8.93 — 2.14%
Community Bank of North Arkansas — $8.50 — 2.04%
First Western Bank — $8.29 — 1.99%
Bank of Rogers — $6.15 — 1.48%
Arvest Bank-Springdale — $6.03 — 1.45%
Bank of Oklahoma N.A. — $3.27 — 0.78%
Countrywide Home Loans Inc. — $3.19 — 0.77%
BancCorpSouth Bank — $3.16 — 0.76%
Pulaski Mortgage Co. — $3.12 — 0.75%
Bank of Gravett — $3.11 — 0.75%
Decatur State Bank — $2.85 — 0.68%
First Western Mortgage — $2.72 — 0.65%
Arvest Bank-Lowell — $2.48 — 0.59%
United Bank — $2.32 — 0.56%
Arkansas State Bank Siloam Springs — $2.24 — 7.72%

Total: — $416.89

Washington County

Lender — Value — % Share

Regions Bank — $65.70 — 24.39%
Arvest Bank-Fayetteville — $38.90 — 14.44%
First Federal Bank of Arkansas — $21.08 — 7.82%
Arvest Mortgage Co — $19.30 — 7.16%
First Security Bank — $18.74 — 6.96%
The Bank of Fayetteville N.A. — $15.20 — 5.64%
Bank of America — $11.59 — 4.30%
Community Bank — $9.44 — 3.50%
Metropolitan National Bank — $9.00 — 3.34%
Simmons First Bank NWA — $8.77 — 3.26%
United Bank — $8.39 — 3.11%
Arvest Bank-Springdale — $7.55 — 2.80%
Arkansas National Bank N.A. — $7.46 — 2.77%
First State Bank of Conway — $5.65 — 2.10%
Countrywide Home Loans Inc. — $3.69 — 1.37%
Wells Fargo Home Mortgage — $3.21 — 1.19%
First State Bank of Fayetteville — $3.19 — 1.18%
Bank of Arkansas N.A. — $2.85 — 1.06%
First State Bank of Northwest Arkansas — $2.75 — 1.02%
Pulaski Mortgage Co. — $2.63 — 0.98%
Bank of Oklahoma N.A. — $2.30 — 0.85%
Arvest Bank-Prairie Grove — $2.01 — 0.75%

Total: — $269.40

Source: Waco Title Co.