LTC Properties acquires two seniors housing communities for $95 million
LTC•LTC Properties acquired two seniors housing communities for $95 million, lifting year-to-date SHOP acquisitions above $830 million. The communities have combined occupancy of 93%, with an expected year-one cap rate of about 6.5%.
1. Acquisition details
LTC Properties acquired a 180-unit Alabama community for $71 million and an 85-unit Iowa community for $24 million, funding the deals with proceeds from prior property sales. Charter Senior Living will manage the Alabama community, and Arrow Senior Living will manage the Iowa community. The acquisitions bring year-to-date SHOP deals above $830 million, more than 90% of the midpoint of the company’s $900 million guidance; projected unlevered IRR is in the low-to-mid teens.
