According to JLL Managing Director Bryan Lewitt, the development partners are aiming to break ground on the community in 2026, with an expected opening in 2028. The future CCRC site is located near the Motion Picture and Television Fund’s current The Wasserman Campus senior living community and will include a variety of villas and luxury apartments.
Representatives from the California Commercial Investment Group, LCS, and the MPTF were not immediately available for comment on the transaction and future development. The MPTF’s decision to sell the property may have been influenced by the organization’s financial challenges, as CEO Bob Beitcher previously expressed concerns about the organization’s “ability to exist.” The MPTF also had to raise $10 to $12 million following the impact of the Covid-19 pandemic and launched a “Back to Work” campaign to assist impacted workers.
In addition to this project, LCS has also been active in the senior living industry, recently winning an auction to purchase a formerly troubled New York City CCRC. The Des Moines, Iowa-based company currently manages, owns, and operates over 140 senior living communities nationwide.
