Cadence Living pays $3.25M for 7.5 acres in Chandler to build $46M project
Cadence Living, an owner, developer and operator of senior living communities, announced the purchase of 7.49 acres of land at 100 W. Queen Creek Road in Chandler in partnership with Global Senior Housing. The 7.49-acre land parcel at the northwest corner of Arizona Avenue and Queen Creek Road in Chandler sold for $3,257,134.
“This transaction has been three years in the making,” says Tim Dulany, senior vice president with Colliers International in Arizona. “All neighboring property owners and parties to the deal worked tirelessly and creatively to formulate a project design that would satisfy everyone’s goals and requirements. The resulting senior housing community will be a wonderful asset to serve the property type demand for the area and has been enthusiastically embraced by the City of Chandler.”
Cadence at Ocotillo, the Scottsdale-based company’s fourth community in Arizona, marks an overall investment, with partners, of more than $200 million into their senior communities in the state, with an additional $100 million projected in a future pipeline.
Cadence at Ocotillo will provide 191 new studio, one- and two-bedroom upscale apartments for seniors seeking an active, healthy and social lifestyle. The 206,283 SF, $46 million community boasts a Spanish-influenced design and will offer independent living, assisted living and memory care options.
As a vibrant lifestyle community, Cadence at Ocotillo will feature upscale amenities, including restaurant-style dining, casual bistro dining, walking paths, raised garden beds, theatre, art studio, swimming pool and fitness center as well as a robust schedule of intellectual, artistic, and entertainment programming.
“At Cadence, we saw a unique opportunity to fill a gap in the market by offering seniors a lifestyle-focused community that delivers the kind of highly-desirable living options being sought by individuals and couples today,” said Eric Gruber, principal at Cadence Living. “Our culture of wellness, engagement and fun is something we’re very proud to be introducing in Chandler.”
The elegant apartments will include a full-kitchen, washer and dryer, walk-in shower and a 24-hour emergency line. Residents also have access to on-site 24-hour medical services and Cadence’s Red Carpet Concierge services.
Cadence Living manages three additional communities in Arizona. Inspira Arrowhead, located at 20240 N. 78th Ave., in Glendale, celebrated its grand opening on March 28. Inspira Arrowhead is in partnership with locally-owned PB Bell Companies and MT Builders.
Acoya Mesa, opening this summer, is located adjacent to Granite Reef Park in the Alta Mesa neighborhood at 6502 E. Brown Road in Mesa and will bring 170 independent living, assisted living and memory care units. Acoya Scottsdale at Troon, which features views of Pinnacle Peak, is located in North Scottsdale at 10455 E. Pinnacle Peak Parkway.
Acoya Scottsdale at Troon broke ground in November 2018 and plans to open 135 luxury independent and assisted living units in the fall of 2020. Both Acoya projects are being completed with the Ryan Companies US, a well-established developer and contractor in the Valley.
“These developments will create 200 new jobs in our state — excellent growth for this Arizona-based company in just a few short years,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “We congratulate Cadence Living on its continued growth and look forward to supporting its future success in our state.”
“2019 has been an exciting year for us and for Arizona’s senior community,” said Rob Leinbach, principal at Cadence Living. “It’s exciting to partner with Global Senior Housing in Chandler and to see our vision for offering seniors a chance to live their best lives becoming a reality here in Arizona.”
Construction of Cadence at Ocotillo is slated to begin in the fall of this year. Partners on this project include Chandler-based Whitneybell Perry as the architect and locally based Drive Development Partners as construction manager.