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.”

Inside The Story

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints