Real estate investment trust LTC Properties Inc. has finished work on a 60-bed memory care facility in Littleton, Colo., the company said Tuesday.
The Westlake Village company, which owns and manages long-term care and other health care properties, will lease the facility to Lake Oswego, Ore.-based Anthem Memory Care under a 10-year lease with four five-year options for renewal.
The newly constructed building opened July 15 and development costs were about $9.8 million, according to the company. It has already received more than 40 cash deposits from potential residents. Rentals will begin November 1.
At the beginning of the year, LTC had investments in 89 skilled nursing properties, 102 assisted living properties, 14 other senior housing properties and two schools.
Shares of LTC closed up 13 cents, or less than 1 percent, to $41.24 on the New York Stock Exchange.