California Commercial buys 19 acres in Woodland Hills for retirement village

California Commercial Investment Group and other investors have paid $30 million for 19 acres in Woodland Hills with plans to build a luxury retirement village.
An affiliate of the Westlake Village-based developer and the unidentified investors bought the land at 23388 Mulholland Drive, on the border of Calabasas, Costar News reRorted. The seller was the locally based Motion Picture & Television Fund.

The deal works out to nearly $1.58 million per acre.

The undeveloped land, owned by the nonprofit fund since 1941, lies south of its 20-acre retirement village and hospital for the entertainment industry in the southwest corner of the San Fernando Valley.