RJ Development Buys Parcel Near Phoenix for $40M Independent Living Community

CHANDLER, Ariz. — Colliers International has brokered the sale of a 5.8-acre parcel in the Phoenix Suburb of Chandler for $3.2 million. The buyer will use the land to build The Park at Copper Creek, a $40 million independent living community.

The Park at Copper Creek Independent Living will total approximately 170,000 square feet of space with 135 units. Koelsch Communities is the sponsor of the property, and Koelsch Construction will be the general contractor. Construction will start in June 2017 for delivery in September 2018.

Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the seller in the land deal, Henry Bosma of Arizona Acres and Cinder Butte Properties Inc. Tim Dulany, also of Colliers International in Greater Phoenix, represented the buyer, RJ Development.

"The location of the site was critical to the developer and operator,” says Smith. “A rehab hospital and memory care facility are located just north of the property and the Chandler Regional Hospital is about two blocks away. In addition to the strong demographics, proximity to the Chandler Regional Mall was a contributing factor in selecting the site for development "

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