Welltower Acquires Novelle Senior Living Community In San Jose For $99.6 Million

The transaction involves the acquisition of the Novelle Senior Living community, a senior housing asset located at 3355 Almaden Expressway in San Jose, CA. The property consists of 195 units, with a sale price of $99,600,000, resulting in a price per unit of approximately $510,769. The sale was completed as an all-cash deal.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $99,600,000
• Units: 195
• Price Per Unit: $510,769
• Buyer: Shankh Mitra - Welltower
• Seller: Alex Washburn & Stan Baty - Columbia Pacific Advisors; James Rivard - SRM Development
• Date of Transaction: 08/21/2026
• Market: San Jose, CA

The deal was facilitated by Shankh Mitra representing Welltower, who is focused on investing in senior housing amidst rising demand driven by an aging population. The sellers, Alex Washburn, Stan Baty, and James Rivard, were involved through their respective firms, indicating a collaborative partnership in executing the transaction.