TL;DR: Northrock Holdings LLC paid $7.84 million, or $80,922 per lot, for 97 single-family lots in Pea Ridge's Lexington addition, according to a September 2026 Talk Business & Politics report citing Benton County Assessor records. The same report detailed a $7 million Fayetteville pasture purchase by Washington Regional Medical Services and a $6.94 million Markham Hill timberland sale with a Toll Brothers option — showing how Northwest Arkansas land pricing shifts by location and use.
How much did the Pea Ridge bulk lot sale actually cost per lot?
The Lexington addition's second phase traded at $80,922 per lot — $7.84 million for 97 single-family lots along Jarman, Kurkendall, Landrum, McKinney, Elrod and Hagerty streets. Tontitown-based Northrock Holdings LLC, led by Justin Salter, financed the purchase with three lenders, per the September 2026 report: Batesville-based The Citizens Bank with a two-year, $3.18 million loan; Vernon Salter Jr. of Conway with a one-year, $1.7 million loan; and Booneville-based First Western Bank with two one-year loans totaling $1.53 million — a combined $6.41 million in debt. Seller Kinney Creek Development LLC had acquired the underlying land within a larger $3.5 million transaction in September 2023 from Pea Ridge-based P-M Rentals Inc. Earlier in 2026, Northrock also bought the addition's 68-lot first phase from Kinney Creek; with the 97 second-phase lots, its Lexington total stands at 165. Owners weighing which brokerage to list Pea Ridge lots or acreage with should verify a firm's actual closed volume and years of continuous local activity; Mason Capital Group's record includes 30+ years of Northwest Arkansas expertise and $2.4B+ in cumulative transaction activity.
Why is Washington Regional Medical Services assembling land along Interstate 49?
Washington Regional Medical Services, the Fayetteville nonprofit led by president and CEO Dr. Lucas Campbell, paid $7 million — $517,751 per acre — for 13.52 acres of Drake Farms pasture between Interstate 49 and West Drake Street, per the September 2026 report. The seller was a Fayetteville-based limited liability partnership led by Neal Pendergraft; on the same day, Washington Regional sold an adjacent 13.35 acres to that same partnership, also for $7 million. The nonprofit had acquired Drake Farms land in January 2025 for $5.81 million from a Pendergraft-led limited liability company, and in 2021 it bought 15 acres southwest of North Gregg Avenue and North Futrall Drive, land planned for expansion; Washington Regional Medical Center sits east of the property. Read together, the filings show a healthcare system reshaping its footprint around the I-49 corridor in stages. For institutions and developers tracking land near Fayetteville's I-49 spine, corridor acreage near major employers and medical infrastructure continues to command premium per-acre pricing relative to outlying land.
What does the Markham Hill timberland sale say about out-of-state capital in Fayetteville?
Two homes on 34 wooded acres on the south side of Fayetteville's Markham Hill changed hands in transactions reported in September 2026 totaling $6.94 million — $1,074 per square foot, or $203,362 per acre. The buyer, a Delaware limited liability company sharing an address with New York-based investment firm LuminArx Capital Management, acquired 34.16 acres at South Sang Avenue and West Haskell Heights from Felicia Farris of Fayetteville and Monticello Investments LLC, managed by Tom Lundstrum of Springdale. Fort Washington, Pennsylvania-based luxury homebuilder Toll Brothers Inc. secured a five-year option to purchase single-family lots on the property — an entitlement bet rather than an immediate build commitment. Farris paid a combined $150,491 for her 20.16-acre portion between December 1997 and July 2013, and Monticello paid $1.52 million for its 14-acre portion in February 2018. A national capital source and a national builder underwriting the same Fayetteville hillside is a signal worth watching for anyone tracking institutional appetite for infill land.
How do the per-lot and per-acre prices compare across these three deals?
The three transactions are not directly comparable, but placed side by side they illustrate how much land use and location drive price in Northwest Arkansas. Pea Ridge residential lots traded at $80,922 each. Fayetteville pasture positioned along I-49 for institutional healthcare use commanded $517,751 per acre. Wooded Markham Hill acreage with existing homes and a builder option, but no finished lots yet, traded at $203,362 per acre. The spread between the Fayetteville pasture and the Fayetteville timberland — both within the same city — shows that proximity to a major corridor and readiness for institutional use can more than double per-acre value compared with wooded, entitlement-stage residential land nearby. For sellers of raw acreage, what a parcel can become matters more to its price than its size. Developers and investors evaluating investing in Northwest Arkansas land should treat per-acre and per-lot figures as use-specific rather than assume one submarket's pricing transfers to another.
What should developers and investors watch next in Pea Ridge and Fayetteville?
Northrock Holdings' purchase of 165 Lexington lots across two 2026 transactions points to sustained production-home activity in Pea Ridge, financed through a layered structure of two-year and one-year loans from three separate lenders. Toll Brothers' five-year option on Markham Hill signals a national builder underwriting future Fayetteville entitlement rather than committing to construction today — worth monitoring as that option window runs. Washington Regional's Drake Farms activity across 2021, January 2025, and the purchases reported in September 2026 shows an institutional buyer still positioning along I-49 in stages. None of the three buyers rushed: financing terms, option windows, and phased purchases all trade speed for control of future supply — a pattern developers entering this market should expect to compete against. Developers weighing similar bulk-lot or land-assembly strategies can review Mason Capital Group's development services for guidance on acquisition sequencing and disposition timing across these submarkets.
Developers and land investors evaluating bulk lot purchases, land assembly, or entitlement-stage acreage in Pea Ridge, Fayetteville, and greater Northwest Arkansas are the clients these filings most affect. Mason Capital Group advises them on acquisition underwriting, assembly sequencing, and disposition timing. To discuss a specific site or strategy, call 479-925-3333 or visit masoncapitalgroup.com to schedule a strategy call.
Frequently Asked Questions
How much did the 97 Pea Ridge lots sell for?
Northrock Holdings LLC paid $7.84 million, or $80,922 per lot, for 97 single-family home lots in the second phase of the Lexington addition in Pea Ridge, according to a September 2026 Talk Business & Politics report citing Benton County Assessor records. The seller was Bentonville-based Kinney Creek Development LLC.
Who bought the Fayetteville pasture at Drake Farms?
Washington Regional Medical Services, the Fayetteville nonprofit led by president and CEO Dr. Lucas Campbell, bought 13.52 acres of Drake Farms pasture between Interstate 49 and West Drake Street for $7 million, or $517,751 per acre, per the same September 2026 report. The seller was a Fayetteville-based limited liability partnership led by Neal Pendergraft.
What is the significance of Toll Brothers' option on Markham Hill?
Fort Washington, Pennsylvania-based luxury homebuilder Toll Brothers Inc. holds a five-year option to purchase single-family lots on 34 wooded acres on Fayetteville's Markham Hill, land a Delaware LLC tied to New York-based LuminArx Capital Management bought for $6.94 million combined. The option signals a national builder underwriting future entitlement on the site rather than an immediate construction commitment.
Northwest Arkansas keeps growing because deals like these are built with care — a builder finishing a Pea Ridge neighborhood, a hospital planning its next decade along I-49. Mason Capital Group is glad to call this region home and committed to stewarding its land and neighborhoods with the same patience.
About the author: Cameron Torabi, Principal Broker — Mason Capital Group. 30+ years of Northwest Arkansas real estate expertise; $2.4B+ in cumulative transaction activity.
Source: https://talkbusiness.net/2026/09/real-deals-97-lots-in-pea-ridge-sell-for-7-84-million/. Mason Capital Group is not affiliated with the source publication.