Real Estate Investment Group Buys Senior Living Center in San Ramon for $20 Million+
Real Estate Investment Group from Midwest Buys Senior Living Center in San Ramon for Over $20 Million
In a significant real estate transaction, a residential complex for senior citizens in the East Bay has been acquired by a real estate investment group from the Midwest for a whopping $21.4 million. The Watermark at San Ramon, located at 12720 Alcosta Blvd. in San Ramon, was purchased by an affiliate of Ohio-based real estate firm Welltower.
The Watermark at San Ramon consists of 80 units, with a mix of assisted living and memory care units. The amenities at the senior living center include a fitness center, housekeeping services, barber and salon facilities, transportation services, a library, and a pet-friendly environment.
Despite the challenging real estate market in the Bay Area, investors like Welltower continue to see value in properties beyond office buildings. Welltower specializes in investing in health care-related real estate, particularly properties that cater to senior citizens.
According to documents filed at the Contra Costa County Recorder’s Office, Welltower completed the purchase of the Watermark complex in an all-cash deal. The acquisition reflects Welltower’s commitment to investing in seniors housing, which includes independent living, assisted living, and memory care communities.
Over the past year, Welltower has seen significant profits, totaling $441.6 million on revenue of $6.94 billion. The company emphasizes the importance of seniors housing in redefining the concept of home for the elderly, providing assistance with daily activities and promoting cognitive engagement.
The purchase of the Watermark at San Ramon underscores the continued interest in senior living properties and the potential for growth in this sector. Welltower’s investment in the East Bay signals confidence in the long-term viability of senior living communities and the importance of providing quality care for aging residents.
