Senior living residential complex consisting of 195 units, located at 3355 Almaden Expressway in San Jose, bird’s-eye view, concept. (Urbal Architecture) (Urbal Architecture)
SAN JOSE — A senior living apartment complex in San Jose has been bought by one of the nation’s largest real estate firms at a price that hints at rising values for this type of residential hub.
The Novelle Senior Living apartment site was bought for $99.6 million in an all-cash deal, documents filed on Aug. 19 with the Santa Clara County Recorder’s Office show.
Welltower Inc., the world’s largest healthcare real estate investment trust, acted through an affiliate to buy the 195-unit senior living center, which is at 3355 Almaden Expressway in San Jose’s Willow Glen district.
A real estate alliance of Columbia Pacific Advisors and SRM Development built the Novelle Senior Living complex, completing it in 2025.
The investment in the project was in the range of $95 million, between the $16.5 million that Columbia Pacific and SRM paid to buy the property in 2019 and the $78.5 million construction loan the two firms landed in 2022.
This means the $99.6 million purchase price was 4.8% higher than the combined value of the construction loan and what the sellers paid for the future development site.
By happenstance, on July 30, American Healthcare REIT paid $102.8 million for a 200-unit senior living apartment complex at 4610 Almaden Expressway, also in an all-cash deal. That complex is also relatively new and opened in 2020.
The 3355 Almaden Expressway deal worked out to roughly $510,800 a unit, while the 4610 Alamden Expressway transaction equated to $514,000 a unit.