Arkansas-based Beaty Capital Group has purchased a 125-unit independent living community, Grand Village at Clear Lake, located in Fayetteville, Arkansas. The community was completed in March 2020 and consists of 109 independent living apartments in the main building surrounded by 16 IL cottages. Despite opening just as the pandemic was gaining speed, occupancy at closing was 73%.
The purchase price was approximately $37 million, or $296,000 per unit. The city planners have already approved a second phase which will consist of 33 additional cottages and a clubhouse. Construction on this phase is expected to begin in the first quarter of 2022, just when the first phase should have reached stabilized occupancy with maybe a wait list for those cottages. There are a total of 20.5 acres.
Clinton Bennett of Bennett Commercial Real Estate and the law firm Kutak Rock represented the buyer in the acquisition. IberiaBank, a division of Tennessee-based First Horizon, financed the acquisition with a $30.8 million loan. The seller was Willow Bend Realco LLC, an affiliate of Gibraltar Capital Management of Tulsa, Oklahoma. The sale closed on July 1.
