A 200-unit luxury senior community in South San Jose has sold for $102.8 million, putting a fresh institutional stamp on a property built for assisted living and memory care. The deal makes Avella at Almaden one of the area's more notable senior-housing transactions this year—and a sign that investors are once again chasing specialized housing in Silicon Valley.
According to Multi-Housing News, American Healthcare REIT bought the community from a joint venture of The 11th Group Inc., Affinius Capital and Alliance Residential. The sale works out to roughly $514,000 per unit for the four-story property, which sits on about three acres.
A 200-Unit Community Built Around Care And Amenities
The development team brought the community online in 2020 under the name The Watermark at Almaden. Its public-facing Watermark Communities page describes assisted living, memory care and short-term stays in a South San Jose setting near shopping, dining and open space.
The property includes studio, one-bedroom and two-bedroom assisted-living floor plans, along with companion and private memory-care suites. HPI Architecture says the 204,000-square-foot project includes a secure 24-unit memory-care neighborhood and amenities such as a theater, bistro, golf simulator, salon, pool and spa.
Services listed for the community include medication management, special-diet accommodations, scheduled transportation, daily social activities, 24-hour emergency response and concierge support. In other words, this is a full-service senior-living operation rather than a conventional apartment building with an age restriction.
Why Senior Housing Is Back In The Deal-Making Spotlight
The San Jose sale arrives as senior housing investment has been gaining serious momentum nationally. JLL reported that rolling four-quarter transaction volume reached $24 billion by the end of 2025, the highest level in a decade, while 86% of surveyed investors said they planned to increase their exposure to the sector in 2026.
Demand is rising as new construction remains constrained. The National Investment Center said senior-housing occupancy reached 89.5% in the first quarter of 2026, marking the 19th consecutive quarter of gains, even as development failed to keep pace with the growing older-adult population.
South Bay Senior Housing Keeps Changing Hands
This is not the only recent senior-housing transaction to land in Silicon Valley. In March, two Silicon Valley memory homes in Sunnyvale and Menlo Park changed hands for a combined $24.3 million, underscoring the renewed appetite for properties serving older residents.
American Healthcare REIT has also been expanding its senior-housing portfolio: In its first-quarter earnings release, the company said it acquired approximately $162.8 million of new investments in its senior housing operating-properties segment. The Avella at Almaden purchase gives that expansion a distinctly local address and adds another high-dollar deal to South San Jose's increasingly active real-estate ledger.
