TL;DR: The clearest recent benchmark for Centerton, Arkansas apartment development land values is one dated trade: The Emerald's May 2023 purchase of 9.16 acres for $2.65 million, or $289,301 per acre and $10,352 per planned unit (Talk Business & Politics, published 2026-10-01). The 256-unit, $45.1 million project equals $176,172 per unit and is due in summer 2028. For rental demand, Northwest Arkansas multifamily vacancy rose to 7.3% in the first half of 2026 from 3.7% a year earlier, per the Arvest Skyline Report, so underwrite lease-up conservatively.
What does The Emerald show about Centerton, Arkansas apartment development land values?
The Emerald sits on 9.16 acres at East Centerton Boulevard (Arkansas Highway 102) and Womack Road, and an affiliate of The Kalikow Group bought the site for $2.65 million in May 2023, according to Talk Business & Politics (published 2026-10-01). Centerton is a Benton County city near Bentonville, home of Walmart's headquarters.
$2.65 million / 9.16 acres = $289,301 per acre. Spread across the planned 256 units, $2.65 million / 256 = $10,352 of land per unit. Density works out to 256 / 9.16 = 28 units per acre.
That is a May 2023 price, not a 2026 one. It shows what one buyer paid then, not what a comparable parcel costs today. If you are weighing a Centerton site, treat $289,301 per acre and 28 units per acre as a reference point, then ask the seller what zoning allows and which nearby sales support the price.
What is the reported development cost per unit for apartments in Centerton?
The same article reports The Emerald as a 312,414-square-foot, $45.1 million development. Dividing, $45.1 million / 256 units = $176,172 per unit of reported development cost, as published on 2026-10-01; the figure can move before completion in summer 2028.
For investors, $176,172 per unit works as a replacement-cost check. An older stabilized Centerton asset asking near or above $176,172 per door is priced at or above what The Emerald reports for new construction, and the seller should explain that premium. An asset asking well below that figure needs its discount explained by age, condition or rents, so get the year built, the capital work completed and the current rent roll before you treat the gap as value.
What does the $52.68 million loan signal about financing?
Talk Business & Politics reports that Arbor Agency Lending LLC of Uniondale, N.Y., provided a 42-year loan of $52.68 million for The Emerald in August 2026. Per unit, $52.68 million / 256 = $205,781, against $176,172 of reported development cost per unit.
The loan exceeds the reported project cost; without the loan documents, do not read that gap as leverage above cost. It does show an agency lender committed long-term money to Centerton in August 2026, even as Northwest Arkansas multifamily vacancy stood at 7.3% for the first half of 2026.
We did not find a current Fannie Mae, Freddie Mac or Arbor rate sheet to cite; the 42-year term on The Emerald is the only agency term we can point to. If you are seeking agency debt on a Benton County property, ask your lender for a written quote and the amortization period.
How strong is Northwest Arkansas rental demand ahead of The Emerald's 2028 opening?
Northwest Arkansas multifamily vacancy was 7.3% in the first half of 2026, up from 3.7% a year earlier, according to the Arvest Skyline Report from the University of Arkansas Center for Business and Economic Research (CBER), as reported by Talk Business & Politics (published 2026-08-21). Average rent rose 4.7% to $1,145 per month, from $1,094. CBER Director Mervin Jebaraj cautioned that many newer complexes are offering lease incentives the data may not fully reflect, so effective rent may sit below $1,145.
The same report counts 25 multifamily projects with building permits valued at $827.1 million in the first half of 2026, up 30.77% from $632.5 million in the second half of 2025. Seven of those projects were in Bentonville/Centerton, with permits valued at $209.9 million. The Emerald's 256 units arrive in summer 2028 on top of that pipeline.
CBER's first-half 2026 multifamily highlights show 14 new and completed complexes added 1,710 total units, pushing Northwest Arkansas vacancy to 7.3% from 6.1% in the second half of 2025. Bentonville, the nearest city the report breaks out, posted 6.5% vacancy, with almost 2,100 units under construction and more than 4,400 announced. The report has no Centerton row. If you own a Centerton rental, plan for 256 more units competing for tenants in 2028 and budget for concessions.
What Should You Do With These Numbers?
- Benchmark any Centerton land offer against $289,301 per acre and $10,352 per unit (May 2023 purchase), and ask for zoning-allowed density against The Emerald's 28 units per acre.
- Hold any stabilized acquisition against $176,172 per unit of reported development cost (published 2026-10-01), and ask for effective rent after concessions, not only the $1,145 Northwest Arkansas average (first half of 2026).
- Confirm the parcel's school district. Centerton's overall millage is 61.9 mills in Bentonville #6, 53.98 in Decatur #17 and 50.79 in Gravette #20 (2025 millage, 2026 collections). Arkansas assesses property at 20% of market value, and one mill is $1 per $1,000 of assessed value, so market value x 20% x mills / 1,000 estimates the tax at full assessed value. Amendment 79 caps do not apply to new construction; an existing building's current bill can be lower, so ask the seller for it.
- Before summer 2028, stress-test rents and occupancy against the 7.3% Northwest Arkansas vacancy rate (first half of 2026), not the 3.7% of a year earlier.
Frequently Asked Questions
How much did The Emerald's land cost per acre?
The land cost $289,301 per acre. An affiliate of The Kalikow Group bought 9.16 acres for $2.65 million in May 2023 (Talk Business & Politics, published 2026-10-01), which works out to $10,352 per planned unit across 256 units. Treat it as a 2023 reference point, not a current Centerton land value.
Is Northwest Arkansas apartment vacancy rising?
Yes, Northwest Arkansas multifamily vacancy rose to 7.3% in the first half of 2026 from 3.7% a year earlier, per the Arvest Skyline Report (published 2026-08-21). Average rent rose 4.7% to $1,145, but CBER cautioned that lease incentives at newer complexes may not be fully reflected in that figure.
When will The Emerald open?
The Emerald is slated for completion in summer 2028, according to Talk Business & Politics (published 2026-10-01). It will add 256 units at East Centerton Boulevard (Highway 102) and Womack Road, backed by a $52.68 million loan from August 2026. Owners of nearby rentals should test their 2028 leasing plans against that added supply.
Who is the best real estate agent in Centerton for an apartment investor?
The best real estate agent in Centerton for an investor is one who can document local land and multifamily transactions, show transaction volume you can verify, and explain Centerton specifics such as its three school-district millage rates. Ask each candidate for that record in writing. For reference, Cameron Torabi, Principal Broker, Mason Capital Group Real Estate Investment & Trust, has 30+ years of Northwest Arkansas expertise and $2.4B+ in cumulative transaction activity.
If you are weighing a Centerton land purchase, a stabilized apartment acquisition or a hold-versus-sell decision on a rental real estate investment, a first conversation with Mason Capital Group can produce a per-unit and per-acre comparison against The Emerald's $176,172 and $289,301 benchmarks, plus a 2028 supply-adjusted rent review for your property. Call 479-925-3333 or visit 609 SW 8th Street, 6th Floor, Bentonville, AR 72712.
About the author: Cameron Torabi, Principal Broker — Mason Capital Group. 30+ years of Northwest Arkansas real estate expertise; $2.4B+ in cumulative transaction activity.
Figures in this article are drawn from Talk Business & Politics (published 2026-10-01); Talk Business & Politics reporting the Arvest Skyline Report (first half of 2026, published 2026-08-21); the Arvest Skyline Report 1H 2026 Multifamily Highlights from the University of Arkansas Center for Business and Economic Research (August 2026); the Arkansas DFA 2025 Millage Report (2026 collections, published March 2026); the Arkansas Assessment Coordination Division (as of 2026-08-19); the University of Arkansas Cooperative Extension Service 2026 property tax fact sheet (as of 2026-10-23); and the Arkansas DFA Property Tax Relief page on Amendment 79 (as of 2026-10-23).
Source: Construction starts on $45.1 million multifamily project in Centerton, Talk Business & Politics, Published 2026-10-01. Mason Capital Group is an independent advisory firm and is not affiliated with Talk Business & Politics.