A recently opened senior living community at 3355 Almaden Expressway in San Jose was sold last week to a new real estate firm. George Avalos of the Bay Area News Group reported that Welltower Inc, a major healthcare-focused group, purchased Novelle Senior Living for just under $100 million in cash. The site is a recent construction, opening it’s doors just last year. As of now, it is unclear why the original developers, Columbia Pacific Advisors and SRM Development, chose to sell it so soon after completion.
The property itself is a 195-unit senior living center, equipped with a variety of tenant amenities and on-site medical services. 166 of the units are designated as assisted living, with 29 units designated for memory care. Some of the amenities residents can experience include a wellness center, hair salon, theater, and other community spaces.
3355 Almaden Expressway Completed Unit Interior, image via SRM Development
3355 Almaden Expressway Completed Patio, image via SRM Development
The building’s structure rises four stories, with a mixed grey and white cement panel façade. Urbal Architecture is responsible for it’s designs, emphasizing a simple and accessible design accented by exterior elements such as vertical stone-faced dividing walls to break up the building’s overall mass.
The site’s location is in the Willow Glen neighborhood of San Jose at the intersection of Almaden Expressway and Capitol Expressway. The position on the corner of two major thoroughfares gives the site easy access by vehicle. While most daily needs and services for its residents are met on-site, the property holds 115 parking spaces to help with tenant and visitor transportation needs.
3355 Almaden Expressway Site Location, image via ArcGIS Online
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