Irvine, California-based IRA Capital previously acquired for $106 million two 80-unit assisted living and memory care communities from Capital Health Group, with Elegance Living slated as the operating partner. At the time, the company had targeted as much as $1 billion for growth in the senior housing industry.
But Jameeli added this $500 million fund is different from the company’s previous plans. The current fund will be used for high barrier-to-entry locations nationwide, with particular focuses on the east and west coasts. And IRA Capital will have the discretion internally to make decisions on the fund’s overall strategy.
IRA Capital is planning to leverage its history with healthcare real estate to benefit the fund. In January 2020, IRA sold a 19-property portfolio for $300 million to Welltower (NYSE: WELL), and in August 2021 it sold a 29-property portfolio for $620 million to Nuveen Real Estate.
