AURORA, CO—LTC Properties, Inc. of Westlake Village, CA, has completed and opened a new 48-unit memory care community in Aurora, CO, serving the greater Denver area.
The property is leased to affiliates of Anthem Memory Care under an existing 10-year master lease. Development costs for the project were approximately $9.6 million.
The new community is the third project completed in partnership with Anthem in the Denver metro area. A fourth project, also in the region, is expected to open in the first quarter of 2015. Additionally, through an exclusive development pipeline agreement with Anthem, LTC is financing Anthem’s expansion into the Chicago marketplace, recently breaking ground on a project in Burr Ridge, IL that is expected to open in the fourth quarter of 2015.
“The opening of the Aurora community further demonstrates execution of our stated strategy to invest in private-pay memory care communities. The projects with Anthem benefit our portfolio by increasing the amount of revenue derived from private pay sources while expanding our presence in major metropolitan areas,” said Wendy Simpson, LTC’s Chairman and CEO. “Our strategic and methodical approach to financing development projects with select, experienced operators, like Anthem, is a competitive advantage for LTC in the seniors housing market. We believe development represents a great opportunity to enhance the quality of our portfolio while generating solid long-term returns.”
“Anthem Memory Care is committed to creating a safe, active, and friendly environment for people living with memory loss,” said Mark Rockwell, principal of Anthem. “By sourcing capital through an industry leader such as LTC, we are better able to focus on our core competencies of community operations and development to extend our ability to provide high-quality care to residents in need.”
Anthem Memory Care specializes in providing care for those suffering from Alzheimer’s and other forms of dementia. LTC is a self-administered real estate investment trust that primarily invests in seniors housing and health care properties through triple-net lease transactions, mortgage loans and other investments.