HGTV star Tarek El Moussa is best known for flipping homes in pricey California since debuting on the network with “Flip or Flop” in 2012. That’s about to change, however, as El Moussa is investing in Arkansas to capitalize on the real estate boom, mainly fueled by Walmart’s WMT expanded 350-acre headquarters in Bentonville.
“I’m always looking for markets that feel like they’re on the verge of exploding—and Northwest Arkansas checked every box,” El Moussa told Realtor.com. “The first time I visited, I felt it immediately: energy, growth, community, opportunity. It reminded me of what Orange County felt like 20 years ago—before it became the powerhouse it is today.”
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376 Unit Luxury Property
El Moussa is not investing on a small scale. He has joined a group of investors led by Elevate Den Centerton Multifamily Property Owner LLC, which has pooled its resources to buy an apartment complex in Centerton, Arkansas, located within five miles of Walmart’s corporate campus.
Elevate has quietly been purchasing the complex over the past two years. According to Talk Business & Politics, they bought Phases I and II of the apartment complex, Watercolors of Centerton for $45.16 million in 2023. The properties consist of 232 one- and two-bedroom units, and the third phase has 144 units.
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According to Realtor.com, the 376-unit luxury property has become a key component of the emerging Centerton Community. According to El Moussa, the elevated rental prices of the apartments compared to those in the area are indicative of the upgraded finishes and amenities.
“Watercolors isn’t just an apartment complex—it’s a lifestyle upgrade. We focused on design, livability, and what tenants actually care about: comfort, convenience, and community,” he told Realtor.com.
Galvanizing The Local Community
According to Realtor.com, Walmart has galvanized the Bentonville community. The retailer’s main office spans 350 acres and comprises 12 office buildings, food halls, a fitness center, childcare facilities, and parking decks, all integrated into the local community.
“When a company that powerful is building in a community, the ripple effects are huge: Schools get better, infrastructure improves, job security rises—and people stay. To me, that meant stability and growth,” El Moussa told Realtor.com.
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Bumper Profits
Walmart has been particularly profitable recently as shoppers have taken advantage of the retailer’s discounts amid high inflation. Walmart’s holiday quarter saw a 20% increase in sales. The company’s post-pandemic hot streak has elevated its market valuation above $800 billion, although it has dropped this year.
Although a 2024 IZA Labor of Economics Study showed that yearly income dropped by 6% after 10 years of a Walmart Center coming to town, driving out smaller businesses, El Moussa believes Walmart can only be a net gain. “100%—Walmart’s influence is massive, not just in Bentonville, but in how it brings in talent, vendors, startups, and investment from all over the world,” he told Realtor.com.
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