JLL’s Capital Markets group has arranged the disposition of a two-property seniors housing portfolio totaling 545 units in Northern California. The portfolio consists of communities in San Jose and Roseville that were owned by a joint venture between Affinius Capital and Alliance Residential Company. JLL represented the selling joint venture and also sourced the buyer, described as a publicly traded real estate investment trust.
Senior managing director Aaron Rosenzweig led the JLL Capital Markets team on the transaction, working with senior director Dan Baker and analyst Sandis Seale. The team advised the joint venture seller and procured the institutional buyer for the portfolio, which spans multiple levels of care across the two communities.
According to JLL, the trade ranks among the largest senior housing portfolio sales in Northern California in recent years. The scale of the portfolio and its location in two established markets contributed to the profile of the transaction within the region’s seniors housing sector.
The Roseville component of the portfolio is Sonrisa Senior Living, a 345-unit senior housing campus. The property is located at 1031 and 1041 Roseville Parkway in Roseville and is organized across two buildings. It offers a mix of independent living, assisted living and memory care. The independent living portion comprises 201 units, assisted living totals 120 units and memory care totals 24 units.
The second asset in the portfolio is The Watermark at Almaden in San Jose. This community includes 200 units and is fully licensed to provide independent living, assisted living and memory care services. Together, the two assets provide a range of care levels targeted to seniors in their respective markets.
Rosenzweig noted that the transaction highlights the ability of Alliance Residential Company and Affinius Capital to develop and position institutional-quality senior housing properties that can achieve premium pricing from sophisticated capital sources. He also characterized the portfolio as trophy-level product situated in two ultra-high-barrier-to-entry markets in California that are experiencing significant wealth migration.
The combination of scale, licensed care levels and institutional sponsorship positioned the Sonrisa Senior Living and The Watermark at Almaden assets as a notable offering in the Northern California senior housing market. The involvement of a publicly traded REIT on the buy side underscores ongoing interest from public institutional capital in the region’s seniors housing segment, even as overall transaction activity and capital formation continue to evolve.
