T.J. Lefler and Ben Booth’s side project has done well.
Lefler, a partner with Sage Partners in Fayetteville, and Booth, a custom home builder, formed NMK LLC to develop and build three-story student housing called Stadium Scene Townhomes around the University of Arkansas in Fayetteville. NMK built eight townhomes on Rose Avenue, and they’re already off the market.
“We sold them all before we were done,” Lefler said.
Lefler said the eight townhomes sold to a mix of investors and personal buyers for an average of $180,000.
Lefler and Booth have land for new developments under contract in hopes of building at least 10 more around the university.
Lefler said home building is not what he normally does, but he and Booth had a good feeling about the venture. Lefler said he expected all eight townhomes to sell but was pleasantly surprised they sold so quickly.
“We thought it was an uptapped market,” Lefler said. “Instead of renting, we would sell. A lot of parents want to purchase a home for their kids. They don’t want to pay rent for five years.”
Lefler said several of the townhomes were purchased by investment groups, which presumably will rent the units.
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