A major REIT purchased the luxury property.
American Healthcare REIT has picked up Avella at Almaden, a 200-unit luxury senior community in San Jose, Calif., for $102.8 million, according to Silicon Valley Business Journal. The joint venture of The 11th Group Inc., Affinius Capital and Alliance Residential sold the asset.
The partnership developed the community and brought it online in 2020 as The Watermark at Almaden. Back in 2023, Walton Street Capital originated a $59.2 million loan for the refinancing of the property.
The four-story property sits on roughly 3 acres at 4610 Almaden Expressway. Multiple dining and retail options are within walking distance, while Right Care Primary Care and Carbon Health Urgent Care San Jose are both less than 1 mile south…