Ryan Companies US, Inc. and Cadence Living announce the expansion of the Acoya brand into Denver. Construction will begin soon on a 156,622 gross square foot, age-in-place community—the partnership’s third Acoya location and first community in Colorado.
“The Acoya brand is focused on a premier living style through meaningful experiences that include cutting-edge, high quality programming,” said Rob Leinbach, principal, Cadence Living. “This is the third Class A community under the Acoya brand and our first outside of Arizona—we look forward to continued expansion in the years to come.”
According to Moore Diversified Services, Inc., the senior population in the Denver area is expected to increase by more than 26 percent over the next five years.
“Not only is there a need for this type of housing near Cherry Creek, but there is also high demand for age-in-place living where a resident can remain within their home and receive services over time as needs change,” said Daniel Raimer, director of real estate development, Ryan Companies.
Cadence, Harrison Street and Ryan will own this Acoya community; the joint-venture team has officially closed on financing. Bank of the West acted as lender, administrative agent and lead arranger alongside Stifel Bank as lender and syndication agent for the 137-unit project.
MOA Architecture has designed the community’s exterior to complement the Denver area while encapsulating the Acoya brand. Interior designer, StudioSIX5, has been engaged to create contemporary finishes and quality details. Amenities will include multiple dining venues, a wine cellar, a spa, club room and wellness area.
The project is located 15 minutes from Downtown Denver and is surrounded by numerous Cherry Creek neighborhood amenities. Ryan will break ground in February 2021 and construction is expected to conclude in Fall 2022, with preleasing beginning Spring 2022.
Ryan has built over 45 senior living communities throughout the country and has completed 1,000,000 square feet of construction in Colorado. Cadence Living will add Acoya Cherry Creek to their management portfolio which consists of over 30 communities and over 4,000 residential units.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 185-employees and approximately $30 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last six consecutive years and was named 2019 North American Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com
About Cadence Living
Cadence is an owner, operator and developer of senior living communities based in Scottsdale, Arizona. Cadence executives have extensive experience in senior housing development and senior housing management. Cadence emphasizes the importance of quality care and creates comfortable, vibrant communities that offer residents exceptional independent living, assisted living and memory care lifestyle options, proving that the “rhythm of life” is ever present. Find your Cadence. www.cadencesl.com
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