IRA Capital has entered the senior housing market with the acquisition of two senior housing properties in Northern California for $106.5 million. Operated by Elegance Senior Living, the Assisted Living and Memory Care facilities total 160 units and are located in the Northern California cities of Dublin and Novato.

The purchases are part of the firm's strategy to diversify its healthcare investments. It plans to continue to expand its market exposure to senior living assets this year, and will focus on high-barrier-to-entry markets in the West Coast, allocating $1 billion to purchase senior living assets over the next few years. This adds to the company's already aggressive healthcare strategy, which has seen the firm close $750 million in acquisitions in the last 90 days.

The firm's co-founder Jay Gangwal called IRA's foray into senior housing consistent with its pursuit of "best-in-class assets that drive long-term growth for our investors, while providing quality services for the community." IRA has tapped Azhar Jameeli as VP of Investments to lead its senior housing strategy.