Background
Site Challenges
Community Support
As an Owner and Operator focused on long term investments, CCI is poised to evaluate and execute a variety of strategic acquisitions and developments across asset classes.
With extensive experience working with city, state, and federal agencies, CCI leverages its operational experience to develop properties that make sense in the long term with respect for basic real estate fundamentals.
Committed to providing housing for low-income seniors, CCI is actively seeking opportunities to preserve or develop affordable housing.
With a goal of portfolio diversification, CCI is actively seeking market rate multi-family and other conventional asset opportunities.
A familiar area of Thousand Oaks’ proposed downtown corridor, this is a 5.13-acre site that was the first mixed-use development ever approved in the City of Thousand Oaks. The project is a result of the Thousand Oaks Boulevard Specific Plan, created in 2011, and crafted over a five-year process. The project sits on the old site of Lupe’s Mexican Restaurant; a Thousand Oaks relic for almost 70 years, which closed in August 2017. Designed around preserving a 400-year-old oak tree at the site, 1710 on the BLVD will embody a contemporary European square spirit, complete with central pedestrian walkways and 5 units reserved as “live-work” spaces. With a focus on attracting restaurants for the commercial space, this development is meant to encourage a work, play, live environment.
Site Challenges
Numerous historic trees still occupied the property, so CCI and its partners have worked with the city on navigating around these cherished tenants. The city and its residents were concerned that developing the property would come at the removal and destruction of these natural landmarks. The development had to remove a small handful of trees, but fortunately, most of the trees were young and none were native species. In addition, CCI strictly followed the city’s 3-1 ratio mandate: for every tree removed from a property, three must be planted in its place.
Community Support
The 1710 on the BLVD project has been extremely well-received by the city government and community. Residents and representatives alike have voiced their overwhelmingly positive outlook on the project for embracing the requests and wishes of what the community desires to become of the Thousand Oaks Blvd. corridor. The city hopes and is confident that the 1710 on the BLVD’s project has established a strong foundation and will set the tone for the remaining development of the corridor.
In April of 2014, CCI acquired a 185 unit project based Section 8 tower in downtown Spokane, Washington (10% market rate units) via HUD’s 223(f) loan program. At the time of purchase, the property was subject to a 236 mortgage, which was prepaid, as well as city and state HOME loans, both of which were assumed at purchase along with the re-casting of the regulatory agreements and covenants affiliated with those programs. Additionally, the property had experienced 10% vacancy for several years. Taking a collaborative approach with HUD, the City of Spokane, and the State of Washington, CCI was able to successfully transition and preserve this property with long term financing while meeting the various regulatory restrictions in place at purchase.
A campus located in Trenton, New Jersey, Trent East (228 units) and Trent West (246 units) are two high rise apartment buildings reserved for elderly residents. A CCI affiliate purchased both buildings in December of 2014 so that it could immediately move forward with 4% bond transactions comprised of approximately 17 million of hard cost construction renovations, including (but not limited to) full interior unit upgrades, energy upgrades/efficiencies and building system/health/safety improvements. Also, these projects provide numerous amenities to its elderly population in the form of full-time Service Coordinators to help residents age in place and a congregate care grant that provides meals, housekeeping and transportation.
Trent Center West
In conjunction with this purchase, CCI obtained 150+ units of long-term rental subsidy for unsubsidized renters via HUD’s component 2 RAD program, such that 100% of all residents in Trent West could benefit from rental subsidy. In December of 2015, CCI successfully closed the bond transaction, securing approximately $7.4 million of LIHTC equity, $4.3 million of equity attributable to ERG state tax credits, $2 million of AHP monies, as well as the financing of approximately $3 million of an IRP decoupling via a 221(d)4 HUD loan.
Trent Center East
At the time of purchase, the existing HUD 202 debt was prepaid and CCI obtained an additional 16 units of project-based Section 8 via a new SPRAC award, so that 90% of the building benefited from Project Based Section 8. In August of 2015, CCI successfully closed a $13.5 million bond transaction, securing approximately $5.7 million in LIHTC equity, $3.4 million of state credit equity, $1.5 million of AHP monies as well as a $7.5 million dollar forward committed for permanent financing. In addition to the building renovations and services mentioned above, this project consists of 34 assisted living units where residents are provided augmented health services by a third-party care provider.
After Lehman Brothers collapsed during the Great Recession, in 2010 CCI was able to partner with Harridge Development Group in order to take over Lehman’s position in a proposed mini-storage development in Lompoc, CA. After years of stalls due to the City approval process, as well as the tentative construction market, the land was entitled, project approved, and construction completed in 2015. Consisting of 535 units, this project is filling a much-needed void for Vandenburg Airforce employees.
Background
California Commercial Investment Companies and Life Care Services, two well-known companies in their respective fields, have collaborated to bring forth The Livelle—a groundbreaking senior living community in Woodland Hills, California. The name “Livelle,” carefully crafted from “live” and “well,” reflects the development’s core mission of promoting vibrant living and wellness among its residents. Backed by California Commercial Investment Companies’ expertise in development and asset management, coupled with Life Care Services’ unrivaled experience in senior living, The Livelle aims to redefine the standards of senior care by integrating luxury and nature seamlessly.
Development Considerations
Our development team has meticulously planned every aspect of the project to ensure a seamless execution. Development considerations include working within existing entitlements while also conforming to updated building requirements (for example, solar), preserving significant riparian areas and trees, and navigating the involvement of numerous public agencies, from the Bureau of Engineers to Los Angeles Department of Water and Power. As an infill development, we face limited options for staging and construction which will require meticulous strategizing to maximize space efficiency and streamline construction operations.
We are steadfast in our efforts to nurture a collaborative relationship with the Motion Picture Television Fund (MPTF), while upholding design continuity with the existing MPTF campus, and still crafting a unique identity for The Livelle. We are confident in our ability to overcome potential challenges through innovative design solutions and close collaboration with local experts, ultimately delivering on our promise of luxury and well-being for our future residents.
Location and Amenities
The Livelle’s irreplaceable real estate, nestled adjacent to the Motion Picture & Television Fund campus in Woodland Hills, offers unparalleled walkability and convenience, all while boasting a low density of only 250 units over 19 acres, an unusual feat in an ex-urban location. Our development will set a new standard for luxurious senior living. With a focus on well-being and comfort, The Livelle features spacious apartment homes, penthouses, and villas ranging from one to three bedrooms, offering a variety of configurations to suit resident’s needs. Underground or attached garage parking ensures convenience and accessibility for all.
In addition to luxurious residences, The Livelle will offer a wealth of amenities designed to enhance resident’s quality of life. A resort-style pool and spa provide opportunities for relaxation and rejuvenation, while a gourmet restaurant offers exquisite dining experiences. Outdoor games, a theater, wine bar, rooftop lounge, fitness center, learning center, and walking trails cater to resident’s diverse interests and preferences. As a life plan community, The Livelle goes beyond traditional senior housing, offering a comprehensive approach to well-being and lifestyle enrichment. With its unbeatable location, luxurious amenities, and commitment to fostering a vibrant community, The Livelle promises to be a cherished destination for seniors seeking the ultimate in luxury living.