Air Force Village West has sold Altavita Village, a 589-unit community in Southern California, to Senior Living Riverside LP, an affiliate of La Jolla, Calif.–based Westmont Living for $58 million.
It is California’s third-largest senior living community.
Altavita Village is a 222,689-square-foot continuing care retirement community, with 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.
Altavita Village is located in Riverside, Calif., one of the fastest-growing communities in the nation. The property was originally developed in 1989 as a retirement community for military officers before opening to the general public in 2015.
The previous ownership has 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 property will be rebranded as Westmont Village.
