By this time next year, the population of Sherman Oaks is likely to grow larger and grayer. In the past month, construction began on two senior-living facilities that will increase the population of elderly residents by about 300. Add to that yet another senior facility due to break ground early next year in nearby Valley Village, and the senior population in the Central Valley will swell by more than 600 residents. Although it’s likely that the three companies selected sites in such close proximity by coincidence, each has tapped into what it considers to be an enormous demand for such residences. “Our belief is, even if there were more (facilities) built, there is sufficient market depth,” said Michael Grust, president of Senior Resource Group, which has begun construction on The Village at Sherman Oaks, a 249-unit retirement community at 5450 Vesper Ave. SRG’s $35-million development will include studio, one- and two-bedroom units with services ranging from health care to an Internet cafe. The residence will cater to middle- and upper-middle income seniors with rental rates ranging from mid-$2,000-a-month to $3,000 a month for assisted living facilities. About 80 percent of the complex will be devoted to independent seniors, with the remaining 20 percent designed to accommodate those who need-assisted living quarters. In addition to SRG, Menorah Housing Foundation has broken ground on an 84-unit facility at Noble Avenue and Moorpark Street. And PCS Development Inc. is expected to begin construction on a 336-unit facility at 12629 Riverside Drive in Valley Village early next year. Menorah, a non-profit organization that specializes in senior housing, has a three- to 10-year waiting list in Los Angeles for its stock of 11 senior housing facilities. Rental rates at the facilities are subsidized by federal and other government tax credits. “The need for affordable housing is staggering,” said Pamela Gach, director of property management for the organization. Menorah receives tax credits for its projects, which allows the organization to provide housing at below-market rates. Its Sherman Oaks residence will be geared to seniors with incomes that range between 35 percent and 50 percent of the median income in Los Angeles. While Menorah uses a number of criteria in choosing locations, the agency points out that Sherman Oaks is especially well-suited to its objectives because the area holds a number of seniors who cannot afford the cost of housing in the community. According to SRG officials, its average resident is expected to be an 83-year-old single woman with an annual income over $50,000. Grust said his complex targets those residents, but it also focuses on what it calls “influencers,” children who may want their aging parents to move closer to their own residences. While the project is the company’s first in the Valley, Grust said, “I don’t expect it will be my last one. We feel very comfortable (with the area).” Coach Moves Coach USA, a transportation company, has acquired a 43,850-square-foot industrial building in Sylmar to expand its Los Angeles operations. The transaction, at 12760 Foothill Blvd., is valued at $2.5 million. Brent Weirick of Colliers Seeley represented the buyer. The seller, 12760 LLC, was represented by Greg Barsamian of CB Richard Ellis. Corporate Move CSI Consulting Inc. is moving its corporate headquarters from Agoura Hills to Warner Center. The company has leased 9,648 square feet of space at 5950 Canoga Ave. for an undisclosed sum. Ed Ball and Joel Hayes of NAI Capital Commercial represented the tenant. The landlord, AH Warner Center Properties, represented itself in the transaction. Auto Center Deal A group of local investors has acquired a 1.5-acre auto center in Canoga Park for $1.6 million. Holmes Body Shop, whose principals are among the investors in the transaction, will occupy 15,000 square feet in the center at 7358-7424 Deering Ave. Most of the remaining space in the 24,000-square-foot facility is occupied by two other tenants who will remain at the center. Joe Lopez and Ted Roberts, brokers with Westcord Commercial Real Estate Services, represented the buyers, Deering Properties LLC, and the seller, Rosco Enterprises. Sherman Oaks Lease Interactive Telecom Network Inc. has leased 27,434 square feet of space at the Imperial Bank building at 15303 Ventura Blvd. in Sherman Oaks. Robert F. Chavez and Christina E. Bellinghausen of The Staubach Co. represented the tenant, an Internet services company. The landlord, Galleria Park Partners LLC, was represented by Tony Acerra and Gina Guarino of Douglas Emmett Co. Simi Sale Revolution Eyewear has purchased a 29,769-square-foot industrial building at 997 Flower Glen St. in Simi Valley for somewhat more than $2.5 million. Revolution will move its corporate headquarters and warehousing into the new facility. Craig Weisman of TOLD Partners represented the buyer. The seller, Hillside IV LLC, was represented by Tim Tucker of Mid Valley Properties. Manpower Expands Manpower Inc. leased 3,253 square feet of office space at 15760 Ventura Blvd. in Encino from Douglas Emmett Co. The company is moving from Sherman Oaks to accommodate expansion. Chad Gahr of NAI Capital Commercial represented the tenant. The landlord was represented by Gina Guarino of Douglas Emmett. Staff reporter Shelly Garcia can be reached at (818) 676-1750, ext. 14, or by e-mail at [email protected].
