San Jose Senior Community Sells for $103M
American Healthcare REIT purchased the luxury property.
American Healthcare REIT has picked up Avella at Almaden, a 200-unit luxury senior community in San Jose, Calif., for $102.8 million, according to Silicon Valley Business Journal. The joint venture of The 11th Group Inc., Affinius Capital and Alliance Residential sold the asset.
The partnership developed the community and brought it online in 2020 as The Watermark at Almaden. Back in 2023, Walton Street Capital originated a $59.2 million loan for the refinancing of the property.
The four-story property sits on roughly 3 acres at 4610 Almaden Expressway. Multiple dining and retail options are within walking distance, while Right Care Primary Care and Carbon Health Urgent Care San Jose are both less than 1 mile south.
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Avella at Almaden comprises assisted living and memory care apartments. Assisted living units include studio, one- and two-bedroom floorplans ranging from 327 to 1,055 square feet, while memory care units include companion and private suites of 325 and 424 square feet, respectively.
The property has an art studio, an outdoor pool, a hot tub, a golf simulator, a fitness center, a salon, a theater, a yoga and pilates studio, a library and pickleball courts.
Services include grooming and daily wellness, 24-hour emergency response, special diet accommodation, medication management, scheduled transportation, daily social events, as well as concierge and lifestyle services.
New investment surge for the senior industry
The senior housing sector’s sales volume totaled some $33.3 billion over the 12-month period ending in May, according to MSCI Real Assets, which tracks sales of $2.5 million and up. The amount was 83 percent higher than in the previous 12-month period, reflecting the current senior housing trends driven by improving fundamentals, good supply and demand dynamics and strong demographic tailwinds.
Since the beginning of 2025 through this May, AHR has acquired 21 senior housing communities for a combined $838.2 million, with assisted living and memory care making up roughly 85 percent of the traded units. The average sale price clocked in at $49.3 million.
