Welltower Inc. Acquires Newly Built 195-Unit Senior Living Complex in San Jose for Under $100 Million

Welltower Inc., a prominent healthcare-focused real estate investment trust, has acquired the newly constructed Novelle Senior Living community located at 3355 Almaden Expressway in San Jose. The transaction, reported by George Avalos of the Bay Area News Group, was finalized last week for just under $100 million in cash. The property, developed by Columbia Pacific Advisors and SRM Development, opened its doors last year, making its swift sale notable.

The four-story complex features 195 units, comprising 166 for assisted living and 29 dedicated to memory care. Residents have access to a range of amenities, including a wellness center, hair salon, theater, and various community spaces, alongside on-site medical services. Designed by Urbal Architecture, the building emphasizes a simple, accessible aesthetic with a mixed grey and white cement panel façade.

Situated in San Jose's Willow Glen neighborhood, at the intersection of Almaden and Capitol Expressways, the location offers convenient vehicle access. The facility also provides 115 parking spaces. This acquisition represents a significant investment in the Bay Area's senior living market, highlighting continued activity in specialized real estate sectors.