Westmont Living Buys California’s Third-Largest Community for $58M

RIVERSIDE, Calif. — Cushman & Wakefield has negotiated the sale of Altavita Village, California’s third-largest senior living community according to the broker.

Air Force Village West sold the 589-unit continuing care retirement community for $58 million, or $98,500 per unit. The buyer was Senior Living Riverside LP, an affiliate of La Jolla-based Westmont Living.

Totaling more than 1.2 million square feet on 153 acres, Altavita Village comprises 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. Unit sizes average over 1,600 square feet.

The property was originally developed in 1989 as a retirement community for military officers before opening to the general public in 2015. It was only 40 percent occupied at the time of sale. The new owners will rebrand the property as Westmont Village.

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 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 the seller in the deal.