Fayetteville retirement community sold for $37 million
by July 5, 2021 8:50 am 4,061 views
Grand Village at Clear Creek.
Rogers investment firm Beaty Capital Group Inc. completed a $37 million deal July 1 to buy the Grand Village at Clear Creek retirement community at 1998 W. Grand Blvd. in Fayetteville.
In a news release, the new owners say the development is “the premier independent living facility in Washington and Benton counties.” It’s situated on 20.5 acres near Sam’s Club, west of the Interstate 49/Fulbright Expressway interchange.
“We are pleased with the way the transaction worked out,” Beaty Capital Group President Lance Beaty said in a statement. “I believe this is one of the best assets in the NWA market and we look forward to expanding and continuing to provide a premium independent living experience for our residents.”
Clinton Bennett with Bennett Commercial Real Estate in Rogers and the Kutak Rock law firm represented Beaty Capital Group in the acquisition. IberiaBank, a division of Tenessee-based First Horizon, backed the deal with a $30.8 million loan. Willow Bend Realco LLC, an affiliate of Gibraltar Capital Management of Tulsa, Okla., was the previous owner.
Beaty said the facility is 73% occupied and employs 42 people.
“We traditionally focus on ‘value add’ real estate,” Beaty said. “However, this is a more conventional investment. It’s a value proposition all around. It’s the nicest independent living facility in the market. The Seeger family, who conceived, developed and manages the community, sees to every detail. It’s a very well run family-oriented operation. We provide an exceptional living experience to our residents and peace of mind to their families.
“Simply put, it’s a beautiful facility, in one of the best markets in the country, and it’s a space that will continue to grow with aging demographics. I know because I’m getting there myself.”
Grand Village’s first phase was completed in March 2020. It consists of 109 luxury independent living apartments in the main building surrounded by 16 cottages.
Fayetteville city planners approved a development plan earlier this year for Grand Village’s second phase. It will consist of 33 additional cottages and a clubhouse all connected to the Razorback Regional Greenway.
Jason Trenary, Beaty Capital Group’s COO, said Phase II construction should begin in the first quarter of 2022.
“That will allow us time to have an orderly transition with staff and residents, finalize plans, and let the ‘in-rush’ inflation impact on materials pricing settle out a bit,” Trenary said.
Trenary said in the meantime, Beaty Capital Group will turn its attention to the firm’s $60 million Dream Hotel project in Cleveland. The project, announced in May 2020, was delayed by the pandemic and is now moving forward.
Beaty Capital Group also owns Temple Live in downtown Fort Smith and the commercial property in Fort Smith that was once Phoenix Village Mall.
Editor’s note: Michael Tilley contributed to this report.