IRA Capital Buys 160-Unit Portfolio in Northern California for $106.5M

DUBLIN and NOVATO, Calif. — Southern California private equity firm IRA Capital has acquired two newly constructed assisted living and memory care facilities totaling 160 units in the Northern California cities of Dublin and Novato for $106.5 million.

An active player in the medical office, life sciences and ambulatory surgery space, IRA Capital is growing and diversifying its healthcare real estate portfolio by expanding into seniors housing in high-barrier-to-entry markets on the West Coast.

Elegance Senior Living operates the two Class A communities. Elegance at Dublin is an 80-unit community located within walking distance from a variety of shopping centers and restaurants, several hospitals and 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 planned community near shopping centers, restaurants and medical facilities.

Elegance Hamilton Hill

“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,” says IRA Capital co-founder Jay Gangwal.

IRA Capital has allocated approximately $1 billion to acquire over 2,000 seniors 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. Jameeli most recently worked at Healthpeak REIT, and prior to that at Holiday Retirement and Fortress Investment Group.

“Despite the various challenges to seniors housing resulting from the pandemic, there lies huge opportunity ahead given the significant demand drivers,” says Jameeli.