California Commercial Investment Group acquired a 19-acre site in Woodland Hills, California, approximately 30 miles west of Los Angeles. Motion Picture & Television Fund was the seller, and the purchase price was reportedly $30 million. The buyer intends to develop a luxury senior living CCRC comprising 300 units. Construction is set to begin in 2026 with completion expected by 2028.
Such a high barrier-to-entry market should not see very elevated levels of new development by then, when capital costs are theoretically lower to support many more construction projects than in today’s market. Many other markets may not be so lucky four years from now, given what we saw with overdevelopment in the mid-2010s, but that remains to be seen. Bryan Lewitt of JLL represented the seller, and Michael Slater of CBRE represented the buyer.
