Rogers-based investment firm, Beaty Capital Group, has begun construction on Phase II of an independent living community in Fayetteville, the firm announced Monday. Phase I construction of the Grand Village at Clear Creek at 1998 W. Grand Blvd. in Fayetteville was completed in March 2020.
The new independent living community reportedly consists of a three-story building with extensive luxury amenities including a full theater, pool, restaurant and 109 luxury independent living apartments surrounded by sixteen cottages.
Beaty Capital Group, through its affiliate BCG Grand Village, LLC, acquired Grand Village at Clear Creek in Fayetteville for $37,000,000 in July 2021 from Willow Bend Realco, LLC, an affiliate of Gibraltar Capital Management of Tulsa. Beaty Capital received building permits in January from the City of Fayetteville for the addition of a 7-plex residential unit to be located just west of the existing 124 residential units. The new construction was financed by First Horizon Bank with a loan of $1,917,000 which was closed in December 2021.
“This is the finest independent living community in the entire NWA market,” said Lance Beaty, President of Beaty Capital Group, Inc. “Like many operations, the pandemic has presented challenges, but our committed staff and residents have really worked well together and, as a result, we have increased occupancy to 83 percent 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…there is always something going on for the residents, tremendous food offerings, and there is a real sense of community.”
Phase III of the Large-Scale Development Plan, approved by the Fayetteville Planning Commission on Feb. 25, 2021, Phase will consist of constructing thirty-three additional cottages and a club house directly adjacent and connected to the Razorback Regional Greenway in south Fayetteville. The company expects to have the grading permit from the City in hand by Feb. 15. The civil engineer for the project is Engineering Services of Fayetteville and the cost of Phase III is expected to be $12,500,000, according to Christa Clark, general counsel and chief investment officer for Beaty Capital Group.
“We are very pleased with the performance of the community, and we know this is only possible with the help of our committed family-oriented management and staff, and the cooperation and participation of our active residents,” said Kathleen Lamb, chief financial officer for Beaty Capital Group, Inc. “It is really a very impressive operation. I would encourage anyone looking for a retirement living option to visit Grand Village and consider it as an option. It is truly a very impressive community in the heart of North West Arkansas.”
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