SRM Development is planning to build an assisted living complex for seniors in the Studio City district of the San Fernando Valley.
The firm, based in Spokane, Washington, is in escrow to purchase the 100,400-square-foot site at 11611 Ventura Boulevard, according to planning documents filed with the City of Los Angeles. A purchase price was not disclosed, and the firm did not respond to a request for comment.
The site is currently an automotive repair and sale shop, with office and retail portions.
SRM is proposing to demolish the existing site and build 129 assisted living care units and 16 detached townhomes for senior housing. The property will also include 25 guest rooms dedicated to Alzheimer’s and Dementia care.
All of the units at the facility will be market-rate, not affordable.
The development will also have 118 parking spaces and 42 spots for bicycle parking.
Senior housing has become a popularfor investors during the pandemic, despite outbreaks at such facilities across the country.
Relatively few senior housing developments have been proposed across Los Angeles this year. Approximately 2,400 senior housing units are currently under construction in Los Angeles and Orange counties, with the majority to open next year, according to JLL.
Last November, Standard Companies proposed to renovate and upgrade ain Pasadena, after buying it for $31.2 million.