A 250-unit apartment complex is planned in Centerton after a $2.2 million land purchase.
Can-Ark Diamond Centerton, led by Rich Richardson, bought 20 acres southwest of the intersection of East Centerton Boulevard and Greenhouse Road. Centerton Commerce Park LLC, led by James von Gremp, was the seller.
Jordan Jeter, a partner at Flake & Kelley Commercial Northwest, represented both parties in the acquisition, which just recently closed. Richardson, a builder and developer, is getting approval through the city for the large-scale development.
“It’s a phenomenal location,” Jeter said. “You couldn’t pick a better spot. It’s pretty prime property. We need more multi-family.”
Jeter said the area is a hot one because a Starbucks recently opened at the southeast corner of the intersection and two lots just north of the apartment complex site are under contract. The two lots, Jeter said, are scheduled to become a Taco Bell and a First Security Bank.
Jeter said he has four more lots adjacent to the apartment complex site and one has already received an offer from a restaurant.