17500 Burbank Boulevard – What once stood as a massive church at 175000 Burbank Blvd. will become a high-quality facility for elders in the Encino community. With the help of the right real estate expertise, our clients Geneva Street Partners were able to secure the location for their next major project.
17500 Burbank Boulevard
For an undisclosed price, Bethel Encino ELCA Church and Preschool, including their five one story buildings totally 20,000 square feet on a 1.8 acre site, has been sold to Geneva Street Partners. In it’s place, with beautiful designs by Vessel Architecture, will be built a 280,000 square foot, 94 foot high assisted living facility.
Building Features and Amenities
The facility will feature 196 assisted living and independent living rooms and 32 dementia and memory care rooms to total 228 units, meeting a major need in the community. Amenities in the building will be on par with luxury condo communities, ensuring a comfortable quality of life for tenants. A nearly 4,000 square foot outdoor deck on the second floor and a sixth floor sky deck with salon, theater, spa, and more will allow residents to enjoy resort style amenities while receiving whatever level of support they require.
Parking for employees and guests of the residents will be divided between 164 parking spaces between one subterranean parking level and a portion of the ground floor of the building. There is limited street parking available in the area as well.
After the building is complete and facilities are ready to welcome residents, operations will be transferred to Denver-based Spectrum Retirement Communities, a developer, owner, and operator senior housing communities around the country.
Need for Assisted Living Facilities in Los Angeles
According to the California State Plan on Aging, there are currently more than 7 million California residents over the age of 60. While not all of these people will require or desire assisted living care, many predict a significant increase in demand for high quality care facilities in the coming decade. According to the same report, the number of Californians over the age of 60 by the year 2060 is expected to be over double that, at 14.7 million.
While these are only estimates, planning ahead to meet the needs of the elderly in our community with high quality care and a home equipped with luxury amenities is the right choice for our families and our economy. We are excited be a part of real estate transactions that benefit our clients and the future of Los Angeles.
Creative Investment Opportunities
Market research is a critical component in any investment strategy, but creativity is almost equally vital. Being able to see potential and embrace creative innovation in a complex real estate market like ours in Los Angeles will set you above your competition.
As a perfect example, buying a church and preschool made up of one story buildings may not have been an obvious choice for Geneva Street Partners, but it has proven to be the ideal choice.
With the imagination to see the potential of a space, and the right team of real estate professionals and architects, commercial real estate possibilities in Los Angeles are abundant. Looking for your next commercial real estate investment? We are the team you need and we are ready to help; contact us any time.