Key Takeaways
- • JLL Capital Markets completed the sale of a 545-unit senior housing portfolio comprising two premier properties in Northern California (Sonrisa Senior Living in Roseville with 345 units and The Watermark at Almaden in San Jose with 200 units) to a publicly traded real estate investment trust.
- • The portfolio was developed and sold by a joint venture between Affinius Capital and Alliance Residential Company, representing one of the largest senior housing portfolio sales in Northern California in recent years.
- • Both communities feature modern amenities including pools, fitness centers, theaters, full-service salons, and gourmet dining, with all units delivered between 2021 and 2023, demonstrating institutional-quality asset standards.
- • The Roseville location benefits from a 15-mile primary market area with average household income of $146,802 and median home value of $643,994, with the 75+ population projected to grow 20.9% by 2031, signaling strong demographic tailwinds for senior housing demand.
- • The transaction reflects institutional investor appetite for modern, well-located senior housing assets in demographically superior markets with proven sponsors.
Summary
JLL's Capital Markets division announced the completion of a significant senior housing portfolio sale in Northern California on August 24, 2026. The two-property transaction totaling 545 units represents a major transaction in the region's seniors housing market, with the portfolio acquired by a publicly traded real estate investment trust. JLL represented the seller, a joint venture partnership between Affinius Capital and Alliance Residential Company, and secured the buyer for the transaction.
The portfolio comprises two strategically positioned communities developed by the sponsor joint venture. Sonrisa Senior Living in Roseville contains 345 units across independent living (201 units), assisted living (120 units), and memory care (24 units) offerings, delivered in 2021 and 2023 across two buildings. The Watermark at Almaden in San Jose contributes 200 fully licensed units spanning independent living, assisted living, and memory care, which opened in 2021. Both properties feature comprehensive resident amenities, including outdoor pools, state-of-the-art fitness centers, recreational facilities (bocce ball and pickleball courts), full-service salons and spa services, theaters, and gourmet dining venues.
The Roseville property benefits from exceptional market positioning, located at 1031 and 1041 Roseville Parkway within the Sacramento metropolitan statistical area with direct connectivity to Interstate 80 and Highway 65. The 15-mile primary market area demonstrates strong demographic and economic fundamentals, with average household income of $146,802, median home value of $643,994, and an age 75+ population projected to grow 20.9% by 2031. The San Jose property at 4610 Almaden Expressway offers prominent visibility and proximity to upscale retail and grocery anchors. The transaction underscores institutional investor confidence in modern, institutionally developed senior housing assets positioned in demographically favorable markets.
The portfolio comprises two strategically positioned communities developed by the sponsor joint venture. Sonrisa Senior Living in Roseville contains 345 units across independent living (201 units), assisted living (120 units), and memory care (24 units) offerings, delivered in 2021 and 2023 across two buildings. The Watermark at Almaden in San Jose contributes 200 fully licensed units spanning independent living, assisted living, and memory care, which opened in 2021. Both properties feature comprehensive resident amenities, including outdoor pools, state-of-the-art fitness centers, recreational facilities (bocce ball and pickleball courts), full-service salons and spa services, theaters, and gourmet dining venues.
The Roseville property benefits from exceptional market positioning, located at 1031 and 1041 Roseville Parkway within the Sacramento metropolitan statistical area with direct connectivity to Interstate 80 and Highway 65. The 15-mile primary market area demonstrates strong demographic and economic fundamentals, with average household income of $146,802, median home value of $643,994, and an age 75+ population projected to grow 20.9% by 2031. The San Jose property at 4610 Almaden Expressway offers prominent visibility and proximity to upscale retail and grocery anchors. The transaction underscores institutional investor confidence in modern, institutionally developed senior housing assets positioned in demographically favorable markets.
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