RJ Development Buys Parcel Near Phoenix for $40M Independent Living Community
CHANDLER, ARIZ. — Colliers International has brokered the sale of a 5.8-acre parcel in the Phoenix suburb of Chandler for $3.2 million. The buyer will use the land to build The Park at Copper Creek, a $40 million independent living community. RJ Development is building the property.
The Park at Copper Creek Independent Living will span approximately 170,000 square feet of space across 135 units. Koelsch Communities is the sponsor of the project, and Koelsch Construction will be the general contractor. Construction will start this June for delivery in September 2018.
Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the seller in the land deal, Henry Bosma of Arizona Acres and Cinder Butte Properties Inc. Tim Dulany, also of Colliers International in Greater Phoenix, represented the buyer, RJ Development.