Westmont Living Inc. affiliate Senior Living Riverside purchased the Altavita Village retirement community in Riverside, Calif., for $58 million, Multi-Housing News reported.
The buyer plans to invest $20 million in the property, which will be rebranded as Westmont Village, over several years to transform the asset into a rental community and to discontinue its current continuing care retirement community contracts, according to the report.
The estimated 1.2 million-square-foot property sits on an approximately 153-acre site at 17050 Arnold Dr. and offers 267 independent living cottages, 103 independent living apartments, 70 independent living duplexes, 55 assisted living units, 59 skilled nursing beds and 35 memory care units.
Cushman & Wakefield brokered the sale of the property, which was 40% leased at the time of the transaction.
