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9/09/19
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Altavita Village, a 589-unit senior living community in Riverside, was acquired by Senior Living Riverside LP, an affiliate of La Jolla-based Westmont Living, for $58 mil ($98.5k/unit). The asset, the third largest senor living community in California, was sold by Air Force Village West Inc.
Altavita Village is a 1.22 msf continuing care retirement community (CCRC) comprising 267 independent living cottages, 103 independent living apartments, 70 independent living duplexes, 59 skilled nursing beds, 55 assisted living units and 35 memory care units. The community features main and private dining rooms, a village cafe, a clinic, a library, meeting rooms, a chapel and a beauty shop. Units at Altavita Village average 1.6k sf in size. The property was 40% occupied at the time of sale.
Altavita Village is located on a 153-acre site at 17050 Arnold Dr, west of I-215 and March Air Reserve Base. The property was originally developed in 1989 as a retirement community for military officers before opening to the general public in 2015.
Prior ownership invested more than $8 mil at Altavita Village since 2013, including nearly $6 mil for unit upgrades. The buyer plans to invest $20 mil in the property over the next several years and convert the entire community to a rental community while discontinuing existing CCRC contracts. The property will be rebranded as Westmont Village.
David Kliewer, Paul Carr, Allen McMurtry, David Rothschild and Mary Christian with Cushman & Wakefield represented the seller in the transaction.
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