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9/14/26
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A two-property, senior housing portfolio totaling 545 units in San Jose and Roseville has traded hands. The properties were sold by a joint venture between Affinius Capital and Alliance Residential Company in a transaction that we’re told represents one of the largest senior housing portfolio sales in Northern California in recent years.
The portfolio comprises Sonrisa Senior Living, a 345-unit campus in Roseville spanning independent living (201 units), assisted living (120 units) and memory care (24 units) across two buildings delivered in 2021 and 2023, and The Watermark at Almaden, a 200-unit fully licensed independent living, assisted living and memory care community in San Jose that opened in 2021. The communities feature exceptional amenities such as outdoor pools, state-of-the-art fitness centers, bocce ball and pickleball courts, full-service salons and spa, theaters and gourmet dining venues.
Sonrisa Senior Living is strategically located at 1031 and 1041 Roseville Pkwy in the Sacramento MSA with exceptional visibility and direct connectivity to Interstate 80 and Highway 65. The surrounding 15-mile primary market area boasts an average household income of $146,802 and median home value of $643,994, with the age 75+ population projected to grow 20.9% by 2031.
The Watermark at Almaden is located at 4610 Almaden Expwy in San Jose, offering exceptional visibility with convenient access to upscale retail and grocery destinations. The surrounding 15-mile primary market area features an average household income of $239,555, median home value of $1.55 million and average net worth of $3.13 mil for households age 75+, with the qualified seniors population projected to grow 20.2% by 2031.
A JLL Senior Housing Capital Markets team representing the seller was led by Senior Managing Director Aaron Rosenzweig, along with Senior Director Dan Baker and Analyst Sandis Seale. JLL also procured the buyer, a publicly traded real estate investment trust.
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