Two apartment projects are going up in Fayetteville's Steele Crossing development, bringing 600 new dwellings close to the longtime home of Target, Wal-Mart, Home Depot, a 16-screen Malco theater and several chain restaurants just south of the Northwest Arkansas Mall.
The four lots bought for the apartment complexes, under construction by separate out-of-state developers, were among the last few left in Steele Crossing, a 300-acre field once owned by the late Joe Steele. He bought the land about 90 years ago in a larger land purchase. Steele's two daughters, Nancy Reubeck and Marjorie Brooks, along with daughter-in-law Charlotte Steele began work to develop the mixed-use Steele Crossing in 1995. They dubbed themselves NANCHAR Inc.
The two apartment-development groups paid nearly $7 million for the four lots, which closed late last year.
In one deal, Steele Crossing Investments LLC, Davis Steele Crossing LLC, RFI LLC and Steele Crossing I LLC sold more than 17 acres at the northeast corner of Steele Boulevard and Van Asche Drive to Watermark at Fayetteville AR LLC of Terre Haute, Ind., for $3.7 million, said Jim Irwin, principal of Irwin Partners in Little Rock. The broker/owner has been working with the Steele family on Steele Crossing since 1998 and said he intends to see the entire project to completion.
Watermark plans to build 306 units in 13 buildings. Some buildings will be three-story; some will be two floors. Each unit in the two-floor apartment buildings will have its own garage.
Carrie LaFay, development manager for Watermark Residential, said the typical Watermark resident will be a young professional or empty nester, but they're not looking to attract a particular demographic.
"We like Fayetteville because it has great job growth, great energy," said LaFay. "The market is strong and we feel like it's underserved with multifamily [residential units]."
The complex will include a clubhouse and swimming pool, LaFay said. Leasing could start in the fall, with the first apartments available at the end of this year.
In the other deal, NANCHAR Inc. and MSB Properties LLC sold 14 acres at the southwest corner of West Joyce and Steele boulevards to KMSDDC LLC and CRP/SREG Uptown Owner LLC of Washington, D.C., for about $3.2 million. The new owner proposes another 300-plus unit apartment complex with about 12,000 square feet of commercial space. Owners of that project could not be reached for details.
Rezoning for Steele Crossing was completed in 1998 and construction of roads, bridges and utility installations began in 1999, Irwin said.
"Over 285 acres have been sold over the last 16 years, generating gross sales in excess of $45 million," he said. Another three parcels -- collectively 10 acres -- are currently under contract with projected closing dates in 2016.
"Assuming the sites under contract sell, the Steele family owners will have only two remaining unsold sites, consisting of less than six acres, in Steele Crossing," Irwin said.There are other landowners in Steele Crossing who have sites for sale, he said.
Business on 01/23/2016