AUSTIN, Texas — A partnership between Minneapolis-based developer Ryan Cos. and locally based investment and management firm Castletop Capital has broken ground on a 222-unit seniors housing project in Austin.
Grand Living at The Grove will be located within a larger mixed-use development and offer 186 independent living and assisted living units, as well as 36 memory care units. Residences will range in size from 450 to 1,600 square feet.
The five-story community will total approximately 348,353 square feet. Completion is slated for late 2024.
According to ESRI, Austin’s age- and income-qualified households — age 75 and older, $75,000 per year of income — is expected to grow nearly 70 percent by 2027.
“Demand for seniors housing will continue to grow in Austin and there’s no better time to start building than now,” says Hunter Barrier, south central region president, Ryan Cos.
Ryan is the co-developer and builder, and Ryan A+E Inc. is the architect of record. Castletop Capital is the master plan developer and Grand Living will operate the community upon completion. PACE Loan Group and Bankers Trust provided financing for the project.