Affinius Capital and Alliance Residential Company Sell 545-Unit Northern California Senior Housing Portfolio for $103M

JLL's Capital Markets group has completed the sale of a 545-unit senior housing portfolio spanning two Northern California communities for approximately $103 million, the firm announced Aug. 24. The seller was a joint venture between Affinius Capital and Alliance Residential Company, and the buyer was American Healthcare REIT (NYSE: AHR), a publicly traded real estate investment trust.

The transaction is among the largest senior housing portfolio trades in Northern California in recent years, according to JLL, and reflects continued institutional demand for modern senior housing assets in high-income, high-growth markets.

Portfolio Overview: Roseville and San Jose Assets

The portfolio comprises two Class A communities delivered within the past five years. Sonrisa Senior Living, located at 1031 and 1041 Roseville Parkway in Roseville, totals 345 units across two buildings and offers a full continuum of care: 201 independent living units, 120 assisted living units and 24 memory care units. The first building was delivered in 2021 and the second in 2023. The assisted living and memory care building spans approximately 133,500 square feet across two stories. Sonrisa is part of Alliance Residential's Holden senior living collection.

The Watermark at Almaden, located at 4610 Almaden Expressway in San Jose, is a 200-unit fully licensed independent living, assisted living and memory care community that opened in 2021. Both communities feature amenities including outdoor pools, fitness centers, bocce ball and pickleball courts, full-service salons and spas, theaters and gourmet dining venues.

Demographics and Market Positioning

The two assets are positioned in submarkets with above-average household incomes and projected senior population growth. The 15-mile primary market area surrounding Sonrisa Senior Living in the Sacramento MSA has an average household income of $146,802 and a median home value of $643,994. The age 75-and-older population in that trade area is projected to grow 20.9% by 2031.

The Watermark at Almaden's surrounding 15-mile primary market area carries an average household income of $239,555, a median home value of $1.55 million and an average net worth of $3.13 million for households age 75 and older. The qualified seniors population in that submarket is projected to grow 20.2% by 2031. Sonrisa is situated with direct connectivity to Interstate 80 and Highway 65, while The Watermark at Almaden offers access to upscale retail and grocery destinations along Almaden Expressway.

JLL Team and Transaction Commentary

The 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.

"This transaction exemplifies Alliance Residential Company and Affinius Capital's ability to develop and position institutional-quality senior housing assets that command premium valuations from sophisticated capital sources," Rosenzweig said. "The portfolio represents trophy-level product in two ultra-high-barrier-to-entry California markets experiencing unprecedented wealth migration."

The deal represents an exit by the Affinius Capital and Alliance Residential joint venture from a ground-up development program, with the assets transitioning into public REIT ownership. Rolling four-quarter U.S. seniors housing transaction volume reached $24 billion by the end of 2025, a decade high, reflecting the depth of institutional capital pursuing the sector.

About the Firms

Affinius Capital is an integrated institutional real estate investment firm with approximately $61 billion in assets under management and a 40-year operating history. The firm invests across North America and Europe, providing both equity and credit solutions.

Alliance Residential Company, headquartered in Scottsdale, Arizona, is one of the largest rental residential real estate developers in the United States, operating across 16 states and 39 metropolitan markets. The firm develops multifamily communities under its Broadstone brand, senior housing under the Holden brand and essential housing through its Prose brand.

JLL (NYSE: JLL) is a global commercial real estate services and investment management firm with annual revenue of $26.1 billion and operations in over 80 countries. JLL Capital Markets has more than 3,000 specialists in offices across nearly 50 countries.

Sources: JLL Newsroom, Aug. 24, 2026