$30M Deal: Valley Land Trades Hands

A site adjacent to the Motion Picture and Television Fund campus in Woodland Hills recently sold to Westlake Village-based developer California Commercial Investment Group, which plans to transform the parcel into a 300-unit luxury senior living complex.

The 19-acre Mulholland Drive property had long been used as a farm to grow organic fruits and vegetables. The land sold for $30 million.

“This is a great opportunity for a premier developer in California Commercial Investment Group to acquire and develop a much-needed luxury senior living community in a pristine location,” Bryan Lewitt, managing director at Jones Lang LaSalle Inc., said.

Lewitt represented the seller, Motion Picture and Television Fund, in the sale. California Commercial Investment Group was represented by Michael Slater of CBRE Group Inc.

“With meticulous planning and foresight, the development of a senior living community on this site will fulfill a crucial community need and establish a modern safe haven for seniors,” Slater said.

The new luxury senior living community, which is being called Livelle Mulholland, will feature a variety of apartment homes, penthouses and villas in various configurations and offer underground or attached garage parking.

According to the community’s website, Livelle Mulholland offers people age 60 and up both independent living residences and access to higher levels of care and wellness services on one campus.

It will also include many shared amenities. Entry fees start at $590,000.

Construction is scheduled to begin in 2026.