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IRA Capital Acquires Seattle Senior Living Community
IRA Capital, an Irvine-based private equity firm, completed the acquisition of Quail Park of Lynnwood, a 253-unit, Class A senior housing property located in Washington. The all-cash acquisition, completed in partnership with an institutional joint-venture partner, includes plans to invest additional capital to update common areas and amenities.
Quail Park, spread across 15 acres and developed in two phases in 2013 and 2020, is an upscale, highly amenitized senior living community boasting full-size kitchens and spacious floor plans. “We are thrilled about acquiring Quail Park and continuing our growth in the senior housing sector,” said Jay Gangwal, Managing Partner at IRA Capital. “With a robust pipeline of investment opportunities, we anticipate closing on another $325 million in new investments over the next 30 days.”
“Quail Park of Lynnwood is a testament to our commitment to senior housing and our growth-focused strategy,” said Azhar Jameeli, Managing Director at IRA Capital.
