Senior Resource Group of San Diego said it acquired a 4 1/2-acre parcel of land at 5450 Vesper Ave. in Sherman Oaks for $8 million from Park Village Apartments and that it plans to build a $35-million, 249-unit retirement home on the site.
Senior Resource Group expects to break ground in October and to complete construction in about a year, according to Michael Grust, president of the company, which will develop the project and manage the property as Senior Resource Group.
The development, to be called the Village at Sherman Oaks, will have studio and one- and two-bedroom units available on an annual lease basis. About 80% of the units will be for independent living and the remainder for assisted living. Grust said his company sees a demand for a retirement residence because "there has not been a retirement community constructed in the area for several years, and existing communities are fully occupied."
The project is being designed by the architectural firms of Oakes & Associates of Los Angeles and Todd & Associates of Phoenix. It will be built by Collins Construction of San Diego, with construction financing from Wells Fargo Bank.