Ryan Companies US, Inc. has acquired an 11-acre land parcel at the Southwest corner of Indian Lake Boulevard and Maple Drive in Hendersonville’s Indian Lake Center area that paves the way for the development and construction of a new senior living community. Clarendale® at Indian Lake is a $48.5 million senior living community with 189 residences offering independent living, assisted living and memory care apartments and services.
Ryan Companies and its project partners LCS® and Harrison Street Real Estate Capital will develop, own and manage Clarendale at Indian Lake, with Ryan also serving as design-builder. It will be the fourth community in the expanding Clarendale senior living brand. Construction of Clarendale at Indian Lake will begin this spring with the community slated to open in fall 2018.
“This is an important milestone for Ryan, LCS and Harrison Street as we continue to expand our hospitality-inspired communities to areas that are underserved for seniors who desire a continuum of care in a high-quality setting,” said Dan Walsh, Senior Vice President of Development, Ryan Companies US, Inc.
The Clarendale model brings a unique offering to the senior living marketplace. With a focus on hospitality-based services, amenities are strategically chosen and designed to promote social interaction among residences and their families. The goal is increased convenience, camaraderie, security and a greater sense of connectedness for its residents. In that vein, Clarendale at Indian Lake amenities include restaurant-style dining, a bistro, a pub and billiards room, wellness center, including fitness and therapy, salon, movie room, cozy living rooms and a grand community room. There will also be outdoor dining seating, private courtyards, extensive landscaping and indoor parking.
“Our focus is on the quality of life for our residents, said Peter Muhlbach, SVP/director of senior living management for the rental division at LCS. “Clarendale at Indian Lake will create a community where residents feel safe, supported, connected and cared for.”
The development will benefit from views of Drakes Creek and Drakes Creek Park. Area features include signalized access and proximity to the retail, entertainment and services of Indian Lake Village, a significant mixed-use development.
The community will be managed by Life Care Services®, An LCS Company, of Des Moines, Iowa. Life Care Services has been actively involved in providing senior living management services in Middle Tennessee since 2007. Area communities currently managed by Life Care Services include The Heritage at Brentwood, Brentwood; Maristone of Franklin, Franklin; Maristone of Providence, Mount Juliet.
Ryan and LCS have developed, constructed and operate senior living communities across the U.S. and are developing Clarendale at Indian Lake to set a new industry standard for senior lifestyle and care. Clarendale of Mokena, a 156-residence development in Mokena, Illinois, opened in Fall 2015. Clarendale of Algonquin, a 186-residence community in Algonquin, Illinois, opened in Fall 2016. Clarendale of Schererville, a 177-residence development in Schererville, Indiana, is currently under construction and slated for a May 2017 opening.
Ryan Companies has developed, designed, built and provided capital management to over 3.3 million square feet representing 26 senior living communities in the past 10 years. That work has included age-in-place communities with independent living, assisted living and memory care options; large-scale, hospitality-oriented communities; affordable senior rental; and small-scale senior housing.
Other members of the Clarendale at Indian Lake project team include HFR Design, a Nashville, Tennessee-based architecture and engineering firm and Bone McAllester Norton, a law firm with offices throughout Tennessee.
Financial terms of the transaction were not released.
About Ryan Companies US, Inc.
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, architect, builder, capital investment consultant, and real estate manager with a focus on bringing lasting value to its customers and the communities in which it works. Ryan’s market depth includes retail, industrial, healthcare, and senior living. Ryan’s development and corporate build-to-suit work spans a wide range of product types including office, mixed-use, hospitality, multifamily housing and mission critical facilities. With a focus on bringing lasting value to its customers and the communities in which it works, Ryan has nearly 1300 employees in 13 offices and has completed projects in 38 states. For more information, visit ryancompanies.com.
Based in Des Moines, Iowa, and established in 1971, LCS is a leading provider of high-quality senior lifestyle products and services. The LCS Family of Companies focus on development, operations management, marketing and sales management, and strategic planning for Life Plan Communities, formerly referred to as Continuing Care Retirement Communities (CCRC), and rental independent living, assisted living, and memory care communities nationwide. The company also provides a full-service real estate private equity enterprise, insurance, national purchasing consulting services and in-home care. The companies of LCS serve thousands of seniors across the nation. For more information, visit LCSnet.com.
About Life Care Services®
Life Care Services, An LCS Company, established in 1971 and based in Des Moines, Iowa, is the third largest manager of full-service senior living communities. The Midwest-based senior living expert has brought uniquely customized senior living lifestyles to over 35,000 residents across the United States in over 129 communities. Life Care Services currently provides operations, and marketing and sales management services for not-for-profit and for-profit Life Plan Communities, formerly known as Continuing Care Retirement Communities (CCRC), and rental independent living, assisted living, and memory care communities nationwide. For more information, visit lifecareservicesLCS.com.
About Harrison Street
Harrison Street Real Estate Capital LLC is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment products across multiple risk/return platforms. Headquartered in Chicago, the firm employs a 90+ person team with approximately $12.2 billion in assets under management. For more information, please visit www.harrisonst.com.