A portion of vacant land that has been owned by the Motion Picture & Television Fund recently traded hands. According to a recent report from Costar, California Commercial Investment Group paid $30 million, or about $1.58 million for the 19-acre development site in Woodland Hills.
The site is located at 23388 Mulholland Drive, adjacent to a 20-acre retirement village and hospital belonging to the Motion Picture & Television Fund.
According to a project website, California Commercial is planning to develop the site with a senior living community. The project is developed in conjunction with LCS Development and managed by Life Care Services.
The community is set to feature luxury residences, with a mix of apartments, penthouses and villas, spanning one to three bedrooms. Additionally, the development will offer underground or attached garage parking.
There would also be various amenities, such as a pool and spa, athletic courts, a movie theater, fitness facilities, walking trails and more.
Prior to the most recent acquisition, Motion Picture & Television Fund had owned the undeveloped land since 1941, per the report. Motion Picture & Television Fund was founded in 1921 with the goal of providing assistance to those in the motion picture and television industries and their families. This includes temporary financial assistance, case management and residential services, according to the organization.
With its headquarters in Westlake Village, California Commercial Investment Group is an acquisition, asset management, property management and development firm with properties in 35 states.
