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Tuesday, January 31, 2023

San Jose senior community is bought by big Chicago real estate firm

SAN JOSE — A senior citizen assisted living center in San Jose has been bought by a big real estate firm from Chicago.

Oakmont of Silver Creek, a senior citizen residential care facility, has been bought for $50.7 million by an affiliate headed up by Chicago-based Harrison Street Real Estate, according to documents filed on Jan. 23 with the Santa Clara County Recorder’s Office.

The senior assisted living and memory care complex that Harrison Street bought is located at 3544 San Felipe Road in San Jose, county records show.

Harrison Street also obtained $65.3 million in financing from Huntington National Bank at the time of the property purchase, according to the real estate documents.

Chicago-based Harrison Street has previously touted the strength of senior housing facilities.

“The senior housing sector remained resilient throughout the pandemic and is poised for growth,” Michael Gordon, Harrison Street’s global chief investment officer, said in 2021 when the company announced plans for a $1.2 billion purchase of senior assisted living centers.

Harrison Street has plenty of real estate experience. The company’s holdings include senior housing, student housing, healthcare delivery, life sciences and storage real estate. Harrison Street has an estimated $33 billion in real estate assets under management.

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