SAN RAMON — A senior citizen residential complex in the East Bay has been bought by a real estate investment group from the Midwest in a deal that tops $20 million.

The Watermark at San Ramon has been bought by an affiliate of real estate firm Welltower, according to documents filed on April 25 at the Contra Costa County Recorder’s Office.

Ohio-based Welltower invests in healthcare-related real estate, including properties that provide services or residential communities for senior citizens.

Welltower paid $21.4 million for the Watermark, the property documents show. Welltower bought the Watermark complex in an all-cash deal.

The Watermark is located at 12720 Alcosta Boulevard in San Ramon, a few blocks from San Ramon Regional Medical Center.

The senior living center consists of 80 units, evenly split between assisted living and memory care units, according to the residential complex.

The Watermark at San Ramon’s amenities feature a fitness center, housekeeping services, barber and salon facilities, transportation, a library and a pet-friendly environment, according to the center’s website.

Despite a forbidding Bay Area real estate landscape, investors continue to find value in properties other than office buildings.

“Welltower was one of the first companies of its kind to invest in seniors housing, which includes independent living, assisted living and memory care communities,” the company states on its website.

Over the one-year period that ended in March, Welltower’s profits totaled $441.6 million on revenue of $6.94 billion. During 2023, Welltower’s profits totaled $340.1 million on revenue of $6.64 billion.

“Seniors housing is redefining the concept of home for the elderly,” Welltower states on its website. “These centers of wellness provide assistance with activities of daily living that preserve a person’s mobility and social systems to promote cognitive engagement.”