LYNNWOOD, Wash.— CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has acquired Quail Park of Lynnwood in the Seattle suburb of Lynnwood. The price was not disclosed.
Quail Park is a three-story building located on 15 acres featuring 130 units of independent living, assisted living and memory care. The property opened in 2014 and is fully leased with a wait list.
CA Senior Living entered a joint venture with Living Care Lifestyles and Goldman Sachs to make the acquisition. Future plans for the property include a 109-unit Phase II expansion, with groundbreaking scheduled for this summer. Living Care Lifestyles, the existing operator, will continue to manage the community.
As part of the acquisition, CA Senior Living assumed an existing permanent loan from Freddie Mac. Wisconsin-based AG Architecture has been selected as the architect for Phases II and III of the community.
CA Senior Living’s portfolio now includes 11 communities open or under construction, totaling 1,400 units.