SAN JOSE — Avella at Almaden, a senior residential hub in South San Jose, was bought for $102.8 million, documents filed on July 30 with the Santa Clara County Recorder’s Office show.
American Healthcare REIT, a real estate firm based in Irvine, bought the apartment complex at 4610 Almaden Expressway in an all-cash deal, according to property files.
The seller, an affiliate of Phoenix-based Alliance Residential Co., bought the property in 2017 and then developed the senior complex.
Avella at Almaden offers assisted living and memory care, according to the property’s website.
“Our community is centered on connection, well-being, and living with purpose,” the apartment hub states on its site.
The 200-unit senior living center was acquired at a price that was 9.5% above the property’s assessed value as of January, an estimate calculated by Santa Clara County officials shows.
The rising value for Avella at Almaden contrasts with the struggles for some apartment properties in San Jose, such as the previously foreclosed Fay tower, and difficulties for several apartment buildings in downtown Oakland.