American Healthcare REIT Sells NorCal Senior Housing Portfolio for $197M
The trade ranks among the region’s largest portfolio sales in the asset class in recent years.
American Healthcare REIT has completed the $197 million acquisition of a two-property portfolio of California senior housing assets. The communities include Sonrisa Senior Living and The Watermark at Almaden, which total 545 units.
The transaction represents one of the largest senior housing portfolio sales in Northern California in recent years.
The seller was a joint venture between Affinius Capital and Alliance Residential Co., according to JLL, which represented the seller and procured the buyer. The JLL Capital Markets group was led by Senior Managing Director Aaron Rosenzweig, along with Senior Director Dan Baker and Analyst Sandis Seale.
Tracking the trade
Sonrisa Senior Living, a 345-unit community in Roseville, Calif. that was rebranded as Avella at Roseville, sold for $94.1 million, according to reporting by the Sacramento Business Journal. Located at 1031 and 1041 Roseville Parkway, the property has 201 independent living units, 120 assisted living units and 24 memory care units across two buildings completed in 2021 and 2023.
The community is 2 miles from the Galleria Boulevard retail corridor. Located 23 miles northeast of downtown Sacramento, the property is near the Kaiser Permanente Roseville Medical Center and Sierra View Country Club.
The 15-mile primary market has an average household income of $146,802 and median home value of $643,994, according to JLL. The 75+ population in the region is expected to grow 20.9 percent by 2031.
READ ALSO: Designing Senior Housing Landscapes That Residents Actually Use
The Watermark at Almaden, a 200-unit senior housing asset which has been renamed Avella at Almaden, sold for $102.8 million, according to the Silicon Valley Business Journal. A joint venture of Affinius Capital, Alliance Residential and The 11th Group Inc. built the property in 2021. It offers independent living, assisted living and memory care units ranging in size from 325 to 1,055 square feet.
In May 2023, the previous owners secured a $59.2 million loan from Walton Street Capital to refinance the community.
The four-story property is located at 4610 Almaden Expressway in San Jose, Calif., and has access to nearby retail and grocery options. It is situated 8 miles from downtown San Jose. The surrounding 15-mile primary market has an average household income of $239,555, a median home value of $1.55 million and average net worth of $3.13 million for households age 75 and up, according to JLL. The senior population in the region is projected to grow 20.2 percent by 2031.
Both communities have amenities such as outdoor pools, fitness centers, bocce ball and pickleball courts, full-service salons and spas as well as theaters and dining venues.
Investment increases along with occupancy and rent
Senior housing investment activity has rebounded in the years following the COVID-19 pandemic as favorable supply and demand dynamics and strong demographic tailwinds are providing outsized net operating income growth compared to other real estate sectors. Over the 12 months ending May 31, the senior housing sector saw roughly $33.3 billion sales, an 83 percent increase over the previous 12-month period, according to MSCI Real Assets, which tracks sales starting at $2.5 million. In 2025, senior housing transactions hit $24 billion, the highest dollar volume for any rolling four-quarter period since the second quarter of 2015, according to JLL.
Buyers include traditional senior housing investors along with institutions, family offices and private equity, entities that are attracted to a stable sector with strong occupancy and rental rate growth.
In its most recent report, NIC MAP stated senior housing sector occupancy improved for the 20th consecutive quarter to 89.9 percent in the second quarter of 2026. Occupancy was up about 200 basis points over the last 12 months. Stabilized occupancy hit 90.4 percent in Q2.
NIC MAP also reports that asking-rate growth appears to have stabilized in the mid-4 percent range.
