LOS ANGELES — A joint venture betweem Ryan Cos. US Inc., Cadence Living and Harrison Street has received financing and started construction of Acoya South Bay in Los Angeles.
Located near the Del Amo Fashion Center, the luxury senior living community will be in a prime, amenity-laden location with increasing demand for seniors housing. By 2026, there will be more than 6,000 75-and-older, income-qualified households in the South Bay area, according to Moore Diversified Services Inc.
“We’re going to continue seeing demand significantly outpace supply because of the high barriers to entry in this submarket,” says Patrick Dimaano, vice president of senior living development, Ryan Cos.
Just two miles from the ocean, the 175,810-square-foot, four-story independent living and assisted living community will offer 158 apartments and 177 underground parking spaces.
Ryan is the developer, builder and capital markets partner for the project. Upon completion in 2023, Cadence Living will lead day-to-day operations and Ryan will support asset management.
AO Architects is the architect of record and Ryan A+E Inc. has been engaged as the interior designer. Wells Fargo provided construction financing for this project. This is the first Acoya-branded location in California and fifth in the Western United States.