Estimated Pipeline of 1,600 Units and Over a Billion Dollars
We continue to grow our senior housing activities and portfolio in California with a pipeline of 1,600 units and over a billion dollars of estimated value. In fact, we recently closed on a $25 million site in Studio City for a 206-unit senior housing project to include active adult, independent living (IL), and assisted living (AL) units. The site’s premium location is across the street from the 25-acre CBS Studio Center. Our plans for the site have been shaped by extensive collaboration with community stakeholders, including the Studio City Neighborhood Council and the office of Los Angeles City Councilmember, Nithya Raman. We anticipate this project will be fully permitted for construction within the next twelve months.
In June, we closed a $70 million construction loan and broke ground on a 157-unit senior housing project in Hayward, including IL, AL and memory care (MC) units. Construction is slated for completion in Spring 2024. This project will be operated under the name Bellara and will be managed by Leisure Care, a leading operator or retirement housing throughout the United States.
We also continue development and construction on three additional senior housing facilities in Southern California with our partner and operator, Westmont Living. The Westmont of Cypress senior living community, a 129-unit development with IL, AL and MC units, opened in January and is already 75% leased while adjacent retail pads are being completed with tenant improvements. Westmont of Carmel Valley is well underway, and the 128-unit development is scheduled to open in Summer 2023. Lastly, Westmont of Culver City broke ground earlier this year and construction on this 134-unit project is slated to be done by the end of 2023.
This summer, we will start construction on 318 more senior housing units in San Jose and Encino, with another 435 units in Oakland and Westchester to follow.