Minnesota-based developer Ryan Companies in collaboration with Harrison Street and Cadence Living have announced its latest seniors housing community in Arizona, Acoya Shea of Scottsdale. Construction has begun on the $64 million community which will comprise 147 units of independent and assisted living. At a cost of $435,000 per unit, the latest community by the development trio will encompass 197,000 square feet on 2.5 acres just miles from Phoenix. The project received a construction loan from Regions Bank. The buyers of the land were represented by Keith Mishkin of Cambridge Properties and Jim Riggs of Platinum Advisors.
Daniel Raimer, the vice president of real estate development for senior living at Ryan Cos. stated that the company is looking for more deals where you’re in the “center of the action.” Expanding on this changing development climate was Cadence Living principal Eric Gruber, who explained “Now more than ever, seniors are demanding an active, healthy, and creatively engaging lifestyle.” The urban setting allows seniors to feel connected to their community while being in walkable areas with nearby amenities.
In just the last week we have tracked multiple urban developments. Canterbury Development started construction on its sixth active adult community near downtown Houston. Mulford Corporation announced the groundbreaking of La Mora senior apartments in South Yonkers, New York. Michigan real estate developer Redico, expanded its footprint in Chicago, opening a seven-story 174-unit independent living community which will comprise 74 independent living, 65 assisted living and 35 memory care units. The community will go by the name American House Oak Park. Finally, Senior Lifestyle initiated construction on The Sheridan at Severna Park, a 84-unit assisted living and 18-unit memory care community in Pasadena, California, just minutes from Los Angeles.
