Irvine-based private equity firm, IRA Capital, has recently completed the acquisition of Quail Park of Lynnwood in Washington. The Class A senior housing property consists of 253 units and was acquired through an all-cash transaction in partnership with an institutional joint-venture partner. Plans are already underway to invest additional capital into updating common areas and amenities.
Spread across 15 acres and developed in two phases (2013 & 2020), Quail Park is a luxurious senior living community that offers full-size kitchens and spacious floor plans. “We are excited about this acquisition as it aligns with our growth strategy within the senior housing sector,” stated Jay Gangwal, Managing Partner at IRA Capital. He also added that they have a robust pipeline of investment opportunities lined up which will result in another $325 million worth investments over the next month.
Azhar Jameeli, Managing Director at IRA Capital commented on their commitment to senior housing by saying “Quail Park of Lynnwood is a testament to our growth-focused strategy.” With this recent acquisition under their belt, it’s clear that IRA Capital is making strides towards becoming a major player within the industry.
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