LTC Properties buys four Minnesota seniors housing communities for $200 million
LTC•Funding for the transaction
LTC said the purchase will be funded in part by $167 million from the sale of 13 Texas skilled nursing centers. The balance will be drawn on a revolving credit line.
Expected returns and operating partner
The company said the year-one cap rate is expected to be near 7%, and the unlevered IRR is projected in the low-to-mid teens.
Lifespark Senior Living will take over operations, deepening an existing operating partnership.
LTC Properties agrees to buy Minnesota seniors housing portfolio
LTC Properties agreed to buy four seniors housing operating properties in Minnesota for $200 million.
The portfolio totals 453 units across independent living, assisted living and memory care, with an average asset age of nine years.
