IRA Capital Launches Senior Housing Strategy With $107M Buy
The company purchased two assets in Southern California, and intends to invest $1 billion in the sector over the next few years.
Elegance Hamilton Hill. Image courtesy of IRA Capital
IRA Capital has acquired two senior housing facilities totaling 160 units in Dublin and Novato, Calif., for $106.5 million. Elegance at Dublin and Elegance Hamilton Hill are the company’s first acquisitions, marking the launch of its senior housing vertical. Elegance Senior Living manages the two communities.
Elegance at Dublin was built in 2020, has 80 units and offers assisted living and memory care services. Amenities include a fitness center, spa, movie theater, private dining room and dog park. On-site resident parking, private bus transportation and mood-enhancing aromatherapy are also available.
Located at 7601 Amador Valley Blvd., the community is less than half a mile north of Dublin Plaza Center and across the street from Dublin Senior Center.
The other property also has 80 assisted living and memory care units. Community amenities include a fitness center, spa, rooftop lounge, bistro, game room and art gallery. Located at 1 Hamilton Hill Drive, the property is less than half a mile south of Marin Museum of Contemporary Art and Hamilton Community Center.
Over the past 90 days, IRA Capital has invested approximately $750 million in acquisitions, and has allocated approximately $1 billion to senior housing deals over the next few years. The company intends to aggressively expand its senior housing footprint and brought onboard Azhar Jameeli—with more than 10 years of experience in the sector—as vice president of investments. In a prepared statement, Jameeli said that in spite of pandemic-induced challenges, there are plenty of opportunities in the senior housing sector.
