Dubai: Arcapita, a Sharia-compliant alternative investment firm, has partnered with Morningstar Senior Living for senior living communities based in Colorado worth $85 million. The project is to expand the firm’s portfolio in senior living communities as Arcapita has previously managed projects in the United States and United Kingdom with a total value of $1.5 billion, the company said in a statement on Monday.

The current portfolio for Arcapita consists of three projects for assisted living and care communities and provides a total of 196 units and 243 licensed beds in the Denver and Colorado Springs, Colorado. The focus on the state is to attract customers who are in the company’s target age demographic. “The target age group for senior living facilities in Colorado is projected to grow by almost twice the national average over the next five years,” stated Martin Tan, Arcapita’s chief investment officer. “Arcapita has identified a seasoned operating partner in Morningstar Senior Living, a company that has deep expertise in the Western markets of the United States, and a management team with decades of operational experience in senior living.”

Arcapita is a global investment firm with offices in Bahrain, Atlanta, London and Singapore. The company’s main business pathway is private equity and real estate with 70 investments over 19 years valued at $30 billion.