By InBusiness PHX
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.