Continental East Development (CED) and its subsidiary, Continental East Fund VII, LLC. are pleased to announce the successful sale of Renaissance Village Rancho Belago (RVRB). The project was sold on April 20, 2022, for $22 million to an affiliated entity of Oregon-based Mosaic Development Services, LLC.
Mosaic is expanding its senior housing brand to California and currently constructing another project in Redding, CA. The Moreno Valley project was Mosaic’s first acquisition in Southern California. More information about Mosaic can be found on their website at www.mosaicms.com.
Selling The Project
RVRB’s selling process took over eight (8) months and was quite complicated as the purchase required the approval of the California Department of Social Services. We give special thanks to Lydia Percia, Continental East Development’s Senior Vice President. From the opening of the project back in 2014, Lydia was responsible for the community’s daily operations. As
the lead broker, she located a buyer and negotiated the completion of the sale of RVRB. During the last days of the pending sale, Lydia finalized the buyer’s and seller’s purchase terms, permitting the sale of RVRB to move forward and close escrow. CEF VII will remain involved as a financial lending partner and Mosaics Management rehired most RVRB employees.
We are delighted to celebrate the successful sale of Renaissance Village Rancho Belago, which under its new management was renamed Manzanita Village, because we’ve seen tremendous growth over the last seven (7) years as owners/operators. When developing the project, our goal was to bring to market a product that improved the senior living landscape and enhanced the city of Moreno Valley. This sale further illustrates CED’s ability to deliver desirable offerings and successfully execute an exit strategy. We know that the community is in good hands under the leadership of Mosaic Development and look forward to seeing it thrive under their management.
Lastly, to learn more about Renaissance Village Rancho Belago, visit Continental East – Fund VII, LLC.