Ryan Companies expands presence in senior living
An artist's rendering of Grand Living at Indian Creek. (Image: Ryan Companies)
Ryan and Grand Living constructed more than 320 senior living units last year and expect to exceed those numbers this year with projects in Iowa, South Dakota and Florida.
The 164-unit Grand Living at Indian Creek in Cedar Rapids, IA, recently closed on the purchase of land. Construction is expected to start this summer, with the independent living, assisted living and memory care community opening next year.
In Coralville, IA, Grand Living at Bridgewater is under construction and expected to be open for residents a year from now. The independent living, assisted living and memory care community will have 170 residences.
In Sioux Falls, SD, residents of Lake Lorraine, a 156-residence independent living, assisted living and memory care community, began moving in March 1.
In Florida, construction of Citrus Hills, a 165-unit independent living, assisted living and memory care community, is nearing completion and it is expected to open for residents in June.
With Life Care Services, Ryan is developing and building Clarendale of Schererville, a $40 million, 177-unit senior living community in Northwest Indiana. The independent living, assisted living and memory care community now is fully enclosed, and construction activity is now focused on the interiors. The community is expected to open this summer.
Harrison Street Real Estate Capital also is a partner in the project.
Clarendale of Schererville is one of four Clarendale-branded projects in various stages of development. Clarendale of Mokena, a 156-residence community, opened in Mokena, IL, in September 2015; Clarendale of Algonquin, a 186-residence community, opened in Algonquin, IL, in September 2016; and Clarendale of Hendersonville, a 184-residence community being developed in a suburb of Nashville, TN, is expected to open in spring 2018.