Watermark Retirement JV Opens San Jose Luxury Senior Community
The property features assisted living and memory care units.
Watermark Retirement Communities and Alliance Residential Co. have opened The Watermark at San Jose, a 164-unit luxury senior community in San Jose, Calif.
The Watermark at San Jose rises six stories at 1017 S. Bascom Ave. and features assisted living and memory care units. Designed by HPI Architecture, the community comprises studio, one- and two-bedroom floorplans ranging between 388 and 1,049 square feet, as well as subterranean parking and retail spaces.
Amenities include a wellness center, a salon, spa, a fitness center, an art studio, a library, a private theater and outdoor recreational spaces. Services provided comprise personalized care, gourmet dining, integrative wellness, culinary artistry and housekeeping, as well as maintenance and transportation arrangements.
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The Watermark at San Jose is within walking distance of Santa Clara Valley Medical Center and close to The Pruneyard Shopping Center. The property is also near the intersection of Interstate 280 and Route 17, which allow easy access across the San Jose metropolitan area.
Watermark Retirement Communities currently manages more than 70 senior living properties spread across 22 U.S. states. The firm developed several communities in partnership with Alliance Residential, such as Watermark Laguna Niguel in Orange County, Calif., and Watermark at Bellevue in Bellevue, Wash.
Senior housing deliveries shrink
Senior housing deliveries decreased to less than 1,900 units nationally in the first quarter of this year, according to NIC MAP data. The amount marks a decline of 32 percent over the quarter and of 1 percent year-over-year.
Moreover, the number of senior housing units currently under construction has declined for 13 straight quarters, the same research shows. First quarter’s national pipeline was down 8 percent compared to the previous quarter and down 24 percent compared to last year.
