{"id":438346,"date":"2026-08-20T13:04:44","date_gmt":"2026-08-20T13:04:44","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/438346\/"},"modified":"2026-08-20T13:04:44","modified_gmt":"2026-08-20T13:04:44","slug":"san-jose-senior-living-apartment-hub-is-bought-for-nearly-100-million","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/438346\/","title":{"rendered":"San Jose senior living apartment hub is bought for nearly $100 million"},"content":{"rendered":"

\"SeniorSenior living residential complex consisting of 195 units, located at 3355 Almaden Expressway in San Jose, bird’s-eye view, concept. (Urbal Architecture)\u00a0(Urbal Architecture)<\/p>\n

SAN JOSE \u2014 A senior living apartment complex in San Jose has been bought by one of the nation\u2019s largest real estate firms at a price that hints at rising values for this type of residential hub.<\/p>\n

The Novelle Senior Living apartment site<\/a> was bought for $99.6 million in an all-cash deal, documents filed on Aug. 19 with the Santa Clara County Recorder\u2019s Office show.<\/p>\n

Welltower<\/a> Inc., the world\u2019s 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\u2019s Willow Glen district.<\/p>\n

A real estate alliance of Columbia Pacific Advisors and SRM Development built the Novelle Senior Living complex, completing it in 2025.<\/p>\n

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.<\/p>\n

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.<\/p>\n

By happenstance, on July 30, American Healthcare REIT paid $102.8 million<\/a> 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.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"Senior living residential complex consisting of 195 units, located at 3355 Almaden Expressway in San Jose, bird’s-eye view,…\n","protected":false},"author":2,"featured_media":438347,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[381,184,387,7,8,3010,1335,383,1011,1337,1533,181,23,100,388,88,90,89,5406,198,386,94685,200,201,12465],"class_list":["post-438346","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-aging","tag-bay-area","tag-business","tag-california","tag-california-news","tag-commercial-real-estate","tag-development","tag-economy","tag-housing","tag-housing-development","tag-keywee","tag-latest-headlines","tag-local-news","tag-news","tag-real-estate","tag-san-jose","tag-san-jose-headlines","tag-san-jose-news","tag-san-jose-real-estate","tag-santa-clara-county","tag-seniors","tag-social-alert","tag-south-bay","tag-south-san-jose","tag-willow-glen"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/438346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=438346"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/438346\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/438347"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=438346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=438346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=438346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}