LTC Properties completes $95 million acquisition of two Minnesota seniors housing communities
LTC•Acquisition and funding
LTC Properties completed a $95 million acquisition of two seniors housing operating portfolio communities in Minnesota.
The purchase was funded with proceeds from at-the-market equity sales.
Asset details and portfolio impact
The properties average five years old and include 215 units across independent living, assisted living and memory care.
The deal was priced at a 7.4% cap rate, with a projected unlevered IRR in the low-to-mid teens.
Lifespark Senior Living will continue managing the assets.
The SHOP platform expanded to 39 communities, representing 37% of gross real estate investments, and total gross investments reached $1 billion.
