6024 Cochran Street

Simi Valley is a city located in the southeast corner of Ventura County, California, bordering the San Fernando Valley of Los Angeles and is part of the Greater Los Angeles Area. The city is situated west of the San Fernando Valley and east of the Conejo Valley, just 40 miles from Downtown Los Angeles. Located in the valley of the same name, Simi Valley is surrounded by the Santa Susana Mountain range and the Simi Hills. Simi Valley covers a land area of 42.4 square miles. It is the third largest of Ventura County’s ten cities. Simi Valley is well-known as the home of the Ronald Reagan Presidential Library, where the former president was laid to rest following his death in 2004. Simi Valley’s commercial and industrial base is diverse. Major industries with headquarters or divisions located within the Simi Valley’s boundaries, or in close proximity, include retail, real estate, health care, computer hardware, and manufacturing. Activity in the housing and the commercial real estate market has increased to levels not seen since before the Great Recession.Melrose West Senior Living Community (the “Project”) is a 19.6 Acre Assisted living, Memory Care, and Independent Living Community located in Simi Valley, California, a thriving community in the southeast portion of Ventura County. Located at the foot of Rocky Peak, minutes from the bustling 118 Freeway and just blocks from the major trade area, Melrose West fills a critical demand for Senior Housing in an area that is severely underserved. The Project is approved for a total of 108 units, 68 of which are slated for Assisted Living, and 40 for Memory Care. With the Baby Boomers aging, senior housing has become one of the most popular and deserved housing options in the market today for our lovely seniors. The Assisted Living/ Memory Care space- which primarily serves seniors who need help with their activities of daily living (“ADL”)- generally draws from a local market within 1-5 miles away from the facility itself. At the Melrose West, the demographics are extremely promising in that they evidence a theoretical demand which more than DOUBLES the existing supply in the area. Preliminary surveys indicate that the immediate market for ALF/ALZ beds number roughly 500 (which should continue to increase with the City’s aging population) with only 275 beds being available for lease. Municiple officials believe that the local Simi Valley area will require 800 or more beds to satisfy the publics need for Assisted Living/ Senior Services, 6 times the amount being offered by Melrose West. The land zoning allows this use, with a Conditional Use Permit (“CUP”), for which application to the City of Simi Valley was approved.