USA Properties Fund, Inc, a California-based developer of affordable housing, is proposing The Colony at Woodman in Panorama City.

The age-restricted community, at 7700 Woodman Avenue, would offer 239 units across 280,304 square feet, according to a case filing submitted to the City of Los Angeles Wednesday.

The Colony site is comprised of 2.19 acres of land and is bounded by Ventura Canyon Avenue to the east, Saticoy Street to the south, and Woodman Avenue to the west.

Prospective residents have to be at least 62 years with the exception of the property’s managers and 5 percent of dwelling units will be reserved for low-income households, as required by the site’s current zoning.

The construction timeline and opening, assuming the project gets the necessary approvals to move forward, are forthcoming.

• Sales Price: $10,450,000

• Product Type: Land / Senior Housing

• Size: 95,396 SF | 2.19 AC

• Price / SF: $109.54