WOODLAND HILLS—On January 9, the California Investment Group (CIG) announced the purchase of 19 acres in Woodland Hills for an upscale retirement village. CoStar News first reported that CIG along with some other investors purchased the property at 23388 Mulholland Drive on the border of Calabasas for $30 million, which works out to be approximately $1.58 million per acre.
The land was purchased from a local motion picture and television fund. According to the CIG website, there is undeveloped land that a non-profit has owned since 1941 that sits just south of the upcoming retirement village and hospital for the entertainment industry in the southwest corner of San Fernando Valley.
An affiliate of the Westlake Village-based developer contacted the appropriate parties to invest in the development with the California Investment Group.
The plans include penthouses, villas, and apartments with options of one to three bedrooms with either underground or attached-garage parking.
The luxury homes are part of a Life Plan Community for seniors that will be built on top of a restaurant with outdoor seating. The units will be gray and brown.
According to the announcement written by Dana Bartholomew of CIG, the retirement village will offer a gourmet restaurant, athletic courts, movie theater, wine bar, fitness room, learning center, medical suites, walking trails, a rooftop lounge, pool and spa.
