JV of Affinius, Alliance Residential Divests NorCal Seniors Housing Duo
JLL’s Capital Markets group completed the sale of a two-property seniors housing portfolio totaling 545 units in San Jose and Roseville. Senior managing director Aaron Rosenzweig, along with senior director Dan Baker and analyst Sandis Seale represented the seller, a joint venture between Affinius Capital and Alliance Residential Company, and procured the buyer, a publicly traded REIT.
The transaction represents one of the largest senior housing portfolio sales in Northern California in recent years, according to JLL. The portfolio comprises Sonrisa Senior Living, a 345-unit campus located at 1031 and 1041 Roseville Pkwy. in Roseville spanning independent living (201 units), assisted living (120 units) and memory care (24 units) across two buildings; and The Watermark at Almaden, a 200-unit fully licensed independent living, assisted living and memory care community in San Jose.
“This transaction exemplifies Alliance Residential Company and Affinius Capital’s ability to develop and position institutional-quality senior housing assets that command premium valuations from sophisticated capital sources,” said Rosenzweig. “The portfolio represents trophy-level product in two ultra-high-barrier-to-entry California markets experiencing unprecedented wealth migration.”
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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Andrew Schildcrout