Minneapolis-based Ryan Cos. is working on its first senior housing development in L.A. with plans to build more in the future.
It has started work on Acoya South Bay near the Del Amo Fashion Center in Torrance with partners Cadence Living, based in Scottsdale, Ariz., and Chicago-based Harrison Street. The project consists of all market-rate units.
Patrick Dimaano, vice president of senior living development at Ryan Cos., called senior housing a “big push for the company.”
“We see the need increasing over the next five to seven years,” he said.
Acoya South Bay will be a 175,810-square-foot project stacked on four stories. It will have 158 apartments as well as underground parking for 177 vehicles.
The property will have independent and assisted living and amenities will include dining areas, a fitness center, a theater, a salon and an outdoor deck with a pool.
Dimaano said Torrance was a great location for Acoya because of the market fundamentals.
By 2026, there are expected to be more than 6,000 qualified senior households in the South Bay area, according to Moore Diversified Services Inc.
“California, demand is going to outpace supply significantly,” Dimaano said. “Southern California is a target market for us and the South Bay market is one of our targeted areas. Torrance is a fantastic market and it’s near the primary retail hub, the Del Amo retail district. We picked this location because of that retail hub. It’s a destination area and is well known.”
Acoya South Bay is being designed by Orange-based AO Architects.
Ryan Cos. is serving as the developer and builder for the project. Upon completion, which is expected in 2023, Cadence Living, which has more than 40 projects and 4,000 units in its management portfolio, will handle day-to-day operations at the Acoya. Construction financing was provided by Wells Fargo Co.
“The Acoya brand signifies the best in modern aging,” Rob Leinbach, a principal at Cadence, said in a statement. “We cater to residents who seek high-end amenities in a location where they can live full intellectual, spiritual and energetic lives. Being next to Del Amo Fashion Center, Acoya will be the engagement leader in the South Bay. We very much look forward to being an integral part of the neighborhood fabric.”
The Torrance project is Ryan’s first Acoya location in California and fifth in the Western U.S. To date, Ryan has completed more than 50 senior living developments across the country.
Dimaano said Ryan Cos. sees a lot of opportunities to develop more senior housing projects in California. The company is in pursuit of more opportunities, looking for areas with people 75 years or older with high home values in dense markets in need of senior housing.
“There’s a lack of high-quality independent living and assisted living communities,” Dimaano said. “We see significant demand for senior housing in Southern California and Northern California.”
The company is looking to create projects that range in size from 130 to 200 units.
