Fayetteville retirement community owners start expansion
by February 1, 2022 8:44 am 1,909 views
Construction has started to add units to the Grand Village at Clear Creek retirement community in Fayetteville.
Rogers investment firm Beaty Capital Group Inc. has started a multiphase project to expand Grand Village at Clear Creek, a 125-unit retirement community at 1998 W. Grand Blvd. in Fayetteville.
Beaty paid $37 million in July 2021 for the 20.5-acre development near Sam’s Club, west of the Interstate 49/Fulbright Expressway interchange.
Grand Village’s first phase was completed in March 2020. It consists of 109 independent living apartments in the main, three-story building surrounded by 16 cottages.
The second phase now underway will add a 10,600-square-foot seven-plex residential unit. First Horizon Bank in Fayetteville is backing construction with a $1.91 million loan.
The project’s third phase, approved by city planners last year, will add 33 additional cottages and a 2,500-square-foot clubhouse. The cottages are approximately 1,500 square feet.
Land grading should begin this spring. Engineering Services Inc. is the civil engineer.
Christa Clark, Beaty’s chief investment officer, said the Phase III cost is $12.5 million.
“This is the finest independent living community in the entire market,” Beaty President Lance Beaty said. “Like many operations, the pandemic has presented challenges, but our committed staff and residents have worked well together. As a result, we have increased occupancy to 83% [from 73%] since July. Phase II is completely pre-leased, and we have a waiting list for Phase III.
“We look forward to expanding and continuing to provide a premium independent living experience for our residents. The community is like a cruise ship at the dock — here is always something going on for the residents, tremendous food offerings, and there is a real sense of community.”