Ryan Cos. JV Breaks Ground on Metro LA Senior Project
Wells Fargo provided financing for the 158-unit luxury development.
A joint venture comprising Ryan Cos., Cadence Living and Harrison Street has broken ground on the 158-unit Acoya South Bay, a luxury senior housing project in Torrance, Calif. The independent and assisted living community is slated for delivery in 2023.
Wells Fargo provided construction financing for the current Acoya project that was designed by AO Architects. In addition, Ryan Cos.’ Architecture + Engineering team will serve as interior designer.
READ ALSO: What Will 2022 Look Like for Senior Housing?
Upon its completion, Acoya South Bay will be the first Acoya-branded community and the fifth in Western U.S. One of them changed hands in January, when PGIM Real Estate purchased the 170-unit senior housing property in Mesa, Ariz., for $46.3 million.
Modern aging and high-end amenities
The four-story property will take shape alongside Hawthorne Boulevard. Amenities are planned to include several dining venues, a full commercial kitchen, a fitness center, a theater, a salon, a club room and a pool. A total of 177 parking spaces will also be available. Cadence Living will be the senior community’s operator.
Located some 3 miles east of the ocean, the development site is close to downtown Torrance, near Del Amo Fashion Center. Several retail, dining and entertainment options will be available within a 1-mile radius.
There is high demand for senior housing in the South Bay area. According to Moore Diversified Services data cited by Ryan Cos., there will be more than 6,000 75-and-older income qualified households in the market by 2026.