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Renaissance Village Rancho Belago
FUND VII, LLC
History
In 2010 Continental East Development (CED) purchased the site from Central Pacific and Key Bank. The previous owner/developer obtained project approvals to build 112 condo units. CED’s acquisition strategy was to re-entitle the +7-acre site and develop a new 150-bed Senior Living Assisted Care Community. Lydia Percia, CED’s Senior Vice President and Real Estate Broker, successfully obtained an easement that provides the Renaissance Village residents with direct access to the adjacent Shopping Center.
We Listened
CED in 2012 obtained unanimous approval from the Moreno Valley Planning Commission to build a new premier senior care community. After receiving Planning Commission approval, CED was requested by City Officials also to provide memory care services. We completed extensive market research and validated determined there was also a market demand for Memory Care services. CED obtained additional project entitlements to build (2) detached memory care villas.
Assisted Living & Memory Care
Construction commenced in 2013, and Renaissance Village officially opened in October 2014. Renaissance Village Rancho Belago was managed and operated by CED’s subsidiary Renaissance Villages Inc. Rancho Belago became CED’s first senior care community and substantially impacted our seniors’ lives and the local community. Renaissance Village employed more than 65 full-time employees, of which many live in Moreno Valley.
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64 Assisted Living Beds
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36 Memory Care Beds
In April 2022, Continental East Development sold Renaissance Village Rancho Belago to Mosaic Development Services, LLC. for $22 Million. Mosaic is a top-tier professional Senior Housing Management company with 11 assisted living and memory care communities throughout Oregon, Idaho, and Montana. The company also has new projects underway in California, Washington, and Alaska. We will remain invested in the project as a financial lending partner, and we look forward to staying involved and developing a long-term relationship with Mosaic Development.