The Tampa-based Cushman & Wakefield Senior Housing team of David Kliewer, Paul Carr and Allen McMurtry, in partnership with the San Diego-based team of David Rothschild and Mary Christian, represented Air Force Village West, Inc., owner of Altavita Village, in the sale of the 589-unit community. Senior Living Riverside, LP, an affiliate of La Jolla, California-based Westmont Living, acquired the asset for $58 million ($98,500 per unit).
Altavita Village is a ±1,222,689-square-foot 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 ±1,600 square feet. The property was 40 percent occupied at the time of sale.
Altavita Village is located on a ±153-acre site at 17050 Arnold Dr. in Riverside, one of the fastest-growing communities in the nation. The property was originally developed in 1989 as a retirement community for military officers before opening to the general public in 2015. Altavita Village sits adjacent to March Air Reserve Base in the Inland Empire metropolitan area.
Prior ownership invested more than $8 million at Altavita Village since 2013, including nearly $6 million for unit upgrades. The buyer plans to invest $20 million 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.
“The sale of Altavita Village represented an extremely complex acquisition opportunity, but with tremendous value-add potential,” said McMurtry. “Westmont Living is the ideal purchaser to realize this potential and position the community and its residents for long-term success.”
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Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.