Ryan Companies US, Inc., Harrison Street and Cadence Living announce the financial closing of Acoya Shea, a 147-unit luxury senior living community in the heart of Scottsdale. Acoya Shea will offer state-of-the-art independent living, assisted living and memory care housing options.
The joint-venture team has officially acquired the 2.55-acre site situated just east of Scottsdale Road on Shea Boulevard and construction will start June 2021. The buyers were represented by Keith Mishkin with Cambridge Properties and Jim Riggs with Platinum Advisors, and the project has received a construction loan from Regions Bank.
According to market research for the central Scottsdale area, the 75 and older demographic with income qualified households is expected to increase by 31% over the next three years.
“There is great demand for senior housing in this highly coveted location and we are looking forward to supporting that need by continuing to expand our Acoya brand,” said Daniel Raimer, director of real estate development, Ryan Companies.
Ryan Architecture + Engineering has designed a high-end, four-story building that supports Acoya’s age-in-place model, which allows residents to remain in their original unit even as their needs change. Interior designer, Thoma-Holec Design, has been engaged to create contemporary finishes and quality details. Amenities will include an outdoor courtyard, gym, resort-style pool, art room, community room, salon, pub, various dining options, theater room and a telemedicine room for virtual medical appointments.
Upon completion in Q1 2023, Cadence Living, Harrison Street and Ryan Companies will own Acoya Shea. This is the fourth Acoya location and third community in Arizona.
“With our local knowledge and this new community’s proximity to our company headquarters, we are looking forward to providing the highest level of modern aging engagement for the residents of Acoya Shea,” said Eric Gruber, principal, Cadence Living. “We believe this community will undoubtedly set the bar for quality senior living in the Scottsdale and Paradise Valley neighborhoods.”
Ryan has built nearly 50 senior living communities throughout the country and of that portfolio, developed 26. The company’s southwest region has delivered approximately 700 senior living units in the Valley over the past two years and will now have nearly 600 units under construction with the start of Acoya Shea. Cadence Living will add Acoya Shea to their management portfolio which consists of over 30 communities and more than 4,000 residential units.