Ryan Companies has set up a joint venture (JV) and commenced construction on Grand Living at Tuscan Lakes, a luxury senior living community at League City, Texas, US.
The JV partners include property management company Grand Living Management and alternative asset management company Bow River Capital.
Grand Living Management will be responsible for day-to-day operations whereas Bow River will offer asset management services for the project.
Designed by Ryan Architecture + Engineering, the project forms part of Tuscan Lakes, a master-planned community of Johnson Development in the south-east area of greater Houston.
Grand Living at Tuscan Lakes will offer nearly 186 residences to meet the anticipated senior living demand.
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Ryan Companies senior living development senior vice-president Eric Anderson said: “Grand Living at Tuscan Lakes will be the only age-in-community option in the area, which will allow residents to remain in their home even as their healthcare needs change.
“Our partnership with Grand Living is focused on creating places for seniors to thrive. This concept is brought to life through our unique model that anticipates the progression of senior living.”
The new luxury senior living community residents will have access to Tuscan Lakes’ pedestrian walkways, which are linked to a community hike-and-bike trail system.
The residents will also have easy access to retail and healthcare, stated the firm.
Bank of the West is serving as a lender for the project, which is planned to be completed in the second quarter of 2023.
The new project will be the third Grand Living senior living community in Texas. The other two projects are Grand Living at Georgetown and Grand Living at Riverstone.
Grand Living at Georgetown is due to open in November 2021 while Grand Living at Riverstone is scheduled to open in early 2022.
Ryan Companies has completed 54 senior living communities in the US.