IRA Capital Lands $58M for Seattle Senior Housing Community
JLL Capital Markets secured the financing.
IRA Capital has obtained $58 million in financing for Quail Park of Lynnwood, a 253-unit senior housing community in Lynnwood, Wash. JLL Capital Markets secured the three-year, floating-rate senior loan.
IRA purchased the property from CA Senior Living—a division of CA Ventures—in June 2024, in an all-cash deal brokered by JLL.
Quail Park of Lynnwood occupies about 15 acres at 4015 164th St. SW, some 20 miles north of downtown Seattle. Paine Field Airport, Meadowdale Beach Park and Martha Lake are within a 5-mile radius.
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Built in two phases in 2013 and 2020, the Class A community encompasses studio, one- and two-bedroom floorplans averaging 720 square feet. Phase One comprises 131 independent living, assisted living and memory care units, while Phase Two incorporates 122 independent living and assisted living units. Common-area amenities include a fitness center, a movie theater, a putting green, a bistro, a pub, a meditation room and walking trails.
Director Dean Ferris, Senior Director Alanna Ellis, Senior Managing Director John Chun and Associate Zach Brantley with JLL’s Seniors Housing team negotiated on behalf of IRA.
When high occupancy rates stimulate development
After its completion in 2013, the first phase of Quail Park of Lynnwood quickly achieved stable occupancy and reached a 93 percent occupancy rate in 2019, just before the pandemic. As a result of this strong performance, the property underwent the 2020 expansion.
Senior housing occupancy rates have consistently risen across the U.S., driven by increasing demand from an aging population, limited new housing supply and current senior living trends. According to Caroline Clapp, a senior principal at NIC, the long-term outlook for the sector remains positive despite regional differences.
