American Healthcare REIT (NYSE: AHR) has acquired a 200-unit senior living community in San Jose, Calif., for $102.75 million, according to The Registry Northern California Real Estate. The deal, reported July 31, adds a Silicon Valley asset to the Irvine-based REIT’s rapidly expanding senior housing operating portfolio at a moment when California coastal land costs are pushing per-unit pricing well above national norms.
The property, known as Avella at Almaden, sits in the Almaden Valley area of South San Jose and was previously operated under the name The Watermark at Almaden. At $102.75 million for 200 units, the transaction pencils out to roughly $514,000 per unit β a figure that reflects both Santa Clara County’s expensive real estate market and the premium investors are currently paying for stabilized senior housing assets in supply-constrained coastal metros. The Registry’s report did not identify the seller, broker or the community’s current occupancy rate, and those details were not otherwise available in public filings as of publication.
American Healthcare REIT has not issued its own press release specific to the San Jose purchase; the company typically discloses acquisitions in aggregate through quarterly investor updates and SEC filings rather than through deal-by-deal announcements. In its most recent disclosure covering the first quarter of 2026, the REIT reported acquiring five senior housing operating portfolio (SHOP) assets for roughly $117.5 million across California and Missouri, along with additional SHOP acquisitions in Kansas, Georgia and South Carolina, according to an exhibit filed with the Securities and Exchange Commission. The San Jose deal was not itemized in that filing, meaning it likely falls within a subsequent reporting period that AHR has not yet disclosed.
What it means: The verified facts here are narrow but clear: AHR paid $102.75 million for a 200-unit San Jose senior living community, per The Registry’s reporting. Everything else β who sold the property, its current occupancy, and any unit-mix breakdown between independent living, assisted living or memory care β has not been disclosed in available reporting, and RealtyWire is not speculating on those specifics.
What can be said with more confidence is the broader context. AHR has been telegraphing an aggressive push into SHOP assets throughout 2026, and the company’s SEC filings show it closed well over $100 million in California and Missouri SHOP acquisitions in the first quarter alone. Nationally, senior housing has been one of commercial real estate’s strongest-performing sectors this year: RealtyWire has reported that seniors housing and care M&A neared $4 billion in the second quarter, with assisted living properties representing the largest share of deal volume, and that Welltower posted senior housing same-store NOI growth above 20% for a 15th consecutive quarter. Those figures reflect industrywide demand tailwinds β aging baby boomers, constrained new construction β rather than facts specific to the Almaden transaction, but they help explain why a public healthcare REIT would pay a premium per-unit price for a stabilized asset in a market like San Jose.
For San Jose and the broader South Bay, the sale adds to a thin but active roster of senior housing trades in one of the country’s tightest and most expensive residential markets. Santa Clara County’s scarcity of developable land has long made ground-up senior housing construction difficult to pencil, which tends to funnel investor demand toward acquisitions of existing, stabilized communities like Avella at Almaden rather than new development β a dynamic consistent with what RealtyWire has tracked elsewhere in the Bay Area’s commercial real estate market this year.
AHR shares trade on the New York Stock Exchange under the ticker AHR. The company had not issued deal-specific commentary on the San Jose acquisition as of publication, and RealtyWire will update this story if American Healthcare REIT or the seller releases additional details.
