CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, today announced it has acquired Quail Park of Lynnwood, a 15-acre senior housing community in Lynnwood, Wash., a suburb of Seattle. CA Senior Living and Seattle-based Living Care Lifestyles entered into a joint venture with an affiliate of Goldman Sachs & Co. to purchase the 130-unit community from affiliates of Living Care Lifestyles. Future plans include a two-phase expansion that will add 109 units, nearly doubling the number of independent and assisted living residences.
This is the second acquisition in two years for CA Senior Living, whose portfolio includes 11 communities currently operating or under construction totaling approximately 1,400 units. The transaction underscores the company’s ability to critically analyze and execute senior housing projects ranging from ground-up construction to acquisitions and redevelopments, delivering predictable, risk-adjusted returns for investors. Living Care, which will continue to manage Quail Park of Lynnwood, currently has 14 communities either operating or under construction across California, Texas, Oregon and Washington.
“The continued growth of the senior housing sector, along with our firm’s strong track record, will allow us to expand the already successful model at Quail Park of Lynnwood and grow it into a market-defining lifestyle community for older adults in the Seattle area,” said John Dempsey, principal of CA Senior Living. “In recent years, we’ve seen a shift away from institutional, one-size-fits-all design in favor of more intimate residential communities that offer a continuum of care. This allows seniors to age in place, seamlessly transitioning from independent living to assisted living or memory care should their needs ever change.”
“We look forward to growing our relationship with the Living Care team,” said Ben Burke, president of CA Senior Living. “Living Care is a proven operator with a strong track record of operating best-in-class communities up and down the West Coast, and we are incredibly excited about this partnership.”
Phase I of Quail Park of Lynnwood, which was completed in 2014 and is fully leased with a waitlist, features a three-story building with a total of 130 residences. Of those apartment homes, 85 are devoted to independent and assisted living, with floor plans ranging in size from 364 to 1,031 square feet in a mix of studio, one-bedroom/one-bath, one-bedroom/two-bath with den and two-bedroom/one-bath layouts. The remaining 45 residences, located on the second floor of the building, are devoted to residents requiring memory care service. These thoughtfully designed units range in size from 374 to 469 square feet, offering the option of a private suite or a semi-private room with shared bath.
Independent and assisted living studios feature a kitchenette while one- and two-bedroom residences offer full-size kitchens with stainless steel appliances, solid-surface countertops and wood cabinetry. Each independent and assisting living residence is pet-friendly and includes a walk-in closet, in-unit washer/dryer and walk-in shower with seat.
Shared community amenities include multiple dining options, a salon, spa, fitness center, pub, movie theater, arts and crafts room, game rooms, library and indoor pool. Outdoors, residents can enjoy a bocce ball court, putting green, multiple courtyards with al fresco dining options and a community garden where residents can grow their own vegetables. A complimentary shuttle provides transportation to nearby healthcare, shopping, dining and entertainment. Residents also have access to an on-site concierge and housekeeping services. Once the expansion is complete, residents will enjoy complimentary valet service, further defining Quail Park of Lynnwood as best-in-class living.
“Quail Park of Lynnwood already enjoys an excellent reputation in the market, as evidenced by its full occupancy, so we’re excited to move forward with an expansion that will open the community’s doors to more area seniors,” said Burke. “This acquisition is just the start of a development process designed to improve the experience for current and future residents alike.”
CA Senior Living will add a total of 109 independent and assisted living residences as part of the planned expansion. Scheduled to break ground in summer 2017, Phase II includes 96 independent and assisted living units that will be added to the existing residential building. Phase III, also breaking ground this summer, will comprise 13 detached duplex cottages, each offering 3,500 square feet of space for independent living.
As part of the acquisition, CA Senior Living assumed an existing permanent loan from Freddie Mac. Wauwatosa, Wis.-based AG Architecture has been selected as the architect for Phases II and III of the community.
About CA Ventures/CA Senior Living:
CA Ventures LLC is a Chicago-based real estate investment holding company whose international portfolio includes $6.7 billion in assets throughout the U.S. and Latin America. While initially focused on student housing, CA Ventures has since diversified into other sectors, including office, senior living, multifamily and hospitality. In addition to development and renovation, the firm specializes in institutional joint ventures, value-add investing, equity and debt sourcing, and asset management services. CA Ventures serves as the holding company for the CA family of companies, including CA Student Living, CA Office / Vanderbilt Partners, CA Senior Living, CA Residential, CA International, CA Hospitality and CA Asset Services. For more information, visit www.ca-ventures.com.
Completed in 2014, Quail Park of Lynnwood currently features a three-story building with a total of 130 independent, assisted living and memory care residences. CA Senior Living is leading a two-phase expansion to nearly double the number of independent and assisted living residences.