Harrison Street pays $51M for senior living facility in San Jose
Oakmont of Silver Creek has 94 rooms on 4 acres
Harrison Street Real Estate Capital has picked up a 94-room senior living facility in East San Jose for $50.8 million.
An affiliate of the Chicago-based private equity firm bought Oakmont of Silver Creek located at 3544 San Felipe Road in Silverland, the Silicon Valley Business Journal reported. The seller was an affiliate of Oakmont Senior Living, based in Irvine.
As part of the deal, Harrison took out a $65 million loan from Huntington National Bank.
The assisted living and memory care facility has 94 residences in a 91,700-square-foot building on 4 acres. The square, two-story building has a central courtyard with walking paths.
Harrison Street, an investor in senior living, student housing and other residential properties, has $53 billion in assets under management, according to its website. The firm describes its investment strategy as a focus on “demographic-driven, needs-based real assets.”
Oakmont Senior Living, which provides care for 4,500 seniors at 51 facilities in California and Nevada, is owned by Gallaher Companies of Windsor in Sonoma County, according to the Business Times. Last year Oakmont opened new facilities in Moorpark and Agoura Hills north of Los Angeles.
— Dana Bartholomew