12 LOTS Lake Arthur Phase II REO - Phase One SOLD, Phase Two developed. Complete 12 Lots left, 7 of which are Water Front. Phase I sold out. 12 lots are the only ones left in Phase II. Development Order in place for Phase III. WELCOME to Lake Arthur Estates, a carefully planned private community embracing the concept of ''the good life.'' This is a community where you can come home, relax, and relish the serenity of a natural environment. This is where good neighbors create a sense of peaceful community, where spacious landscaped lots provide privacy, and where custom homes offer luxurious sanctuary.