Senior Resource Group SRG, San Diego, has purchased a 4.5-acre parcel of land in Sherman Oaks and plans to develop a 249-unit full-service retirement residence for seniors.
Developer and managing partner, Senior Resource Group LLC, will manage and operate the $35-million project.
Construction of the Village at Sherman Oaks is expected to begin in October and take approximately one year to complete.
Oakes & Associates, Los Angeles, and Todd & Associates, Phoenix, designed the community, which will be built by Collins Construction, San Diego, and financed by Wells Fargo Bank.
Amenities will include a swimming pool, library and greenhouse as well as on-site dining, health care, housekeeping, transportation and security services.
SRG develops and operates independent and assisted living communities for seniors and Alzheimer's care facilities in the Western states.