Welltower Inc. acquires San Jose senior housing for $99.6 million

Welltower Inc., a major healthcare real estate investment trust, has acquired the Novelle Senior Living apartments in San Jose, California, in an all-cash deal valued at $99.6 million. The 195-unit property, located in the Willow Glen neighborhood, was previously developed by Columbia Pacific Advisors and SRM Development.

In separate market activity, Pacific Sun Financial Corp disclosed in a recent SEC filing that it established a new position in Welltower Inc. during the second quarter. The institutional investor purchased 6,063 shares, valued at approximately $1,376,000, making the stock the 29th largest holding in its investment portfolio.

The San Jose acquisition occurs amid increased investor interest in senior living facilities within Silicon Valley, as other regional properties have also seen significant transactions recently.