By Kate Snyder
An entity affiliated with a San Diego healthcare firm has purchased two San Jose healthcare facilities – a nursing center and an assisted living community – for approximately $40 million, or about $125,787 per bed, according to public records. The buyer, Links Healthcare Group, made the purchase in late October. The seller was listed as entities affiliated with Stamm Care Homes, an assisted living facility in Orinda, Calif., and Villa Fontana, an assisted living community in San Jose.
The sale includes both 1555 and 1601 Petersen Ave., which houses the 258-bed Westwood Post-Acute, a nursing care center. The 1555 property sold for about $32.4 million, and the 1601 property sold for about $7.5 million. The 60-bed Westgate Villa, an assisted living community, is also attached to the Westwood Post-Acute.
One of the entities affiliated with the seller, Villa Fontana, is located just across the street from the properties that were sold, according to Google Maps.
Services at Westwood include physical, occupational and speech therapy, respite care, dementia care, social services, wound therapy and outpatient rehabilitation. The facilities are both located in a residential area and are surrounded by multifamily communities as well as single family homes. On the other side of Lawrence Expressway, which sits to the east, however, is a number of commercial businesses, such as Westgate Center Shopping Mall, a variety of restaurants and the El Paseo de Saratoga Shopping Mall, according to Google Maps.
San Jose has been a hotbed of recent sales activity, and although acquisitions over the past six months have ranged from industrial to residential to commercial and more, few if any recent sales have involved health care facilities.
In late October, entities affiliated with Beverly Hills-based 3D Investments purchased the 21-story Centerra in downtown San Jose for $185 million, or about $533,141 per unit, according to previous reporting from The Registry. The seller was an entity affiliated with the AFL-CIO Building Investment Trust. Built in 2015, the tower is located at 77 N. Almaden Ave. and offers one-, two- and three-bedroom apartments, according to Apartments.com.
In September, Security Properties announced a partnership with Pacific Life Insurance Company and Hearthstone Housing Foundation to acquire Monte Vista Senior Apartments, a 118-unit apartment community in San Jose. The acquisition marks the seventh joint venture between Security Properties and Pacific Life since 2018.