Buffington Homes Buys Remaining Lots in Silo Falls
by June 8, 2015 12:00 am 287 views
Fayetteville-based home builder Buffington Homes of Arkansas recently closed on a $3 million deal to purchase the remaining lots in the gated Silo Falls neighborhood off Garrett Lane and Bellview Road in Rogers.
Buffington’s Clay Carlton said the company bought the final 56 of the neighborhood’s 186 lots, financed with a two-year mortgage from Signaure Bank of Arkansas worth $4.06 million. The loan was also used to refinance an existing Buffington Homes subdivision.
D.C. Burton Properties, led by David Burton, was the seller. Burton, a Fort Smith developer, launched Silo Falls in 2005. The subdivision encompasses 73 acres. Forsgren Inc. of Fort Smith was the site contractor on the subdivision, which has a water feature at its entrance that incorporates an existing silo on the property.
The neighborhood also has a quarter-mile walking track that surrounds a lake and a putting green with a children’s play area and community swimming pool.
Buffington units will range from 3,000 to 4,000 SF, and list from between $350,000 to $475,000.
Carlton said a handful of homes have already been pre-sold. Construction of a 3,250-SF model home and two spec homes will start soon.
Buffington is currently nearing completion with neighborhood buildouts at The Hamptons in Cave Springs, Belclaire Estates in Fayetteville and Phase I of Central Park in Bentonville.
“We’re wrapping up three subdivisions right now and were looking for some new projects when this [Silo Falls] opportunity came along,” Carlton said. “We jumped at the chance.”
Buffington is also scheduled to close on two other real estate purchases in July to finish out two other subdivisions. The Woodbury neighborhood just off Zion Road in Fayetteville will be replatted to 33 single-family lots. The Braemar subdivision in Centerton has 48 undeveloped lots, and the neighborhood is in close proximity to Centerton-Gamble Elementary School and the under-construction Bentonville West High School, scheduled to open in August 2016.
Carlton said the company is also nearing final platting for its Brighton Cottages development, which has 168 buildable lots between Bright Road and Morning Star Road in southwest Bentonville.