Developer Purchases $3.2 Million Parcel for New Senior Living Facility in Chandler
$40 Million Development is Slated for Grand Opening September 2018
Chandler, Arizona – Colliers International in Greater Phoenix has negotiated the $3,200,427 ($12.58 PSF) sale of a 5.84-acre parcel located at the northeast corner of 94th Street and Pecos Road in Chandler. The property will be the site of the $40 million Park at Copper Creek Independent Living.
“The location of the site was critical to the developer and operator,” said Chaz Smith, senior vice president with Colliers International in Greater Phoenix. “A rehab hospital and memory care facility are located just north of the property and the Chandler Regional Hospital is about two blocks away. In addition to the strong demographics, proximity to the Chandler Regional Mall was a contributing factor in selecting the site for development ”
Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the seller, Henry Bosma (Arizona Acres and Cinder Butte Properties, Inc.) in the transaction. Tim Dulany of Colliers International in Greater Phoenix represented the buyer, RJ Development (Jeff Yates) as developer, Koelsch Communities as the sponsor and operator with Koelsch Construction as general contractor. The buyer is based in Olympia, WA.
The Park at Copper Creek Independent Living will contain approximately 170,000-square-feet of space with 135 units. The community will feature gracious outdoor amenities including pool/hot tub, outdoor exercise stations, covered parking, fire pit, dog park, outdoor BBQ, outdoor gardens and walking paths. Interior amenities will feature a bistro, theater, fitness center, beauty salon/spa, crafts, game rooms, library, private dining and much more. Plans call for construction to begin in June and the grand opening is anticipated in September 2018.