LTC Properties Develops $10.7M Memory Care Community in Partnership with Anthem
- Mar 06, 2015
Senior housing and healthcare property REIT LTC Properties Inc. has announced the completion and opening of Greenridge Place, a 60-unit memory care community in Westminster, Colo.
The California-based company’s approximately $10.7 million project is the fourth developed in collaboration with Oregon-based Anthem Memory Care. This project follows the development by the partners of Highline Place and Willowbrook Place in Littleton, and Chelsea Place in Aurora.
Located at 7700 W. 101st Ave. in Westminster, Greenridge Place is currently leased by an Anthem affiliate under a 10-year master lease at an initial cash yield of 9.25 percent, according to a news release. LTC is also financing Anthem’s expansion in Southern California and the greater Chicago area. Harvester Place, located in Burr Ridge, Ill., is slated for completion in the fourth quarter of 2015.
“The opening of this new community furthers our strategy of investing in private-pay memory care in major metropolitan areas,” said Wendy Simpson, LTC’s chairman and CEO. “Our strong balance sheet affords us the flexibility to take advantage of what we consider to be better risk-adjusted returns through development in today’s unprecedented low cap rate environment.”
Greenridge Place offers residents apartment suites featuring private rooms with either a shared or private bathroom, fully dedicated clinician office, full-service beauty salon and barber shop, housekeeping and laundry service, and state-of-the-art safety monitoring system in each suite. Additionally, the community offers services such as onsite physical and cognitive therapy, recreational programs, therapeutic activities and the It’s Never 2 Late computer-based learning, entertainment and therapy system.
Image courtesy of LTC Properties, Inc.