IRA Capital Pays $106M for California Senior Housing Assets

January 27, 2022

Southern California private equity firm IRA Capital (“IRA”) is pleased to announce the acquisition of two newly-constructed Assisted Living and Memory Care facilities totaling 160 units in the Northern California cities of Dublin (Alameda County) and Novato (Marin County). As one of the most active players in the medical office, life science, and ambulatory surgery space, IRA Capital is growing and diversifying its healthcare real estate portfolio with its latest $106.5 Million acquisition and launch of a new seniors housing strategy. The transaction marks IRA Capital’s first acquisition in the sector with a plan to continue strategically acquiring similar well-located assets in high barrier to entry markets along the west coast.

IRA Capital Senior Housing Assets

The two class-A facilities are operated by Elegance Senior Living and offer unparalleled amenities, resort-style hospitality, expert care, and numerous holistic health and well-being programs for the residents to live safe and connected lives. Elegance at Dublin is an 80-unit community located within walking distance from a variety of shopping centers and restaurants, several hospitals, and is directly across the street from the Dublin Senior Center. Elegance Hamilton Hill in Novato is an 80-unit community situated in the heart of Hamilton Field’s 414-acre master plan community near shopping centers, restaurants, and medical facilities. The property enjoys a serene atmosphere with beautiful bay and mountain views, and is walking distance to Hamilton Community Center and Marin County Museum of Contemporary Art.

IRA Capital has ramped up its investment activity with approximately $750 million of acquisitions over the past 90 days. “The launch of our new seniors housing vertical is consistent with IRA’s goal of pursuing best-in-class assets that drive long-term growth for our investors, while providing quality services for the community,” said IRA Capital co-founder Jay Gangwal. IRA Capital has allocated approximately $1 Billion to acquire 2000+ senior housing units over the next couple years. As part of its anticipated growth, IRA is building a team around the strategy and recently hired Azhar Jameeli as Vice President of Investments, who brings more than a decade of experience in the sector. Mr. Jameeli has held various leadership roles within the senior housing niche, most recently at Healthpeak REIT, and prior to that at Holiday Retirement and Fortress Investment Group. According to Azhar Jameeli, “despite the various challenges to seniors housing resulting from the pandemic, there lies huge opportunity ahead given the significant demand drivers; I’m excited to join and help grow an entrepreneurial and innovative team that will become a dominant player in the space.”

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