Westlake Village real estate investment trust LTC Properties Inc. has added a Georgia assisted living and memory care facility to its portfolio of properties.
LTC paid $14.3 million for the newly built 70-unit Village at Athens near Athens, according to the company. The facility has 90 licensed beds, 50 assisted living units and 20 units for memory care.
Including Village at Athens, LTC now partners with Atlanta, Ga.-based operator Thrive Senior Living on three facilities. Another two projects are in construction and expected to open by the end of the year, LTC said. Those include the 89-unit Prince Creek in Murrells Inlet in South Carolina and the 56-unit Oso Bay in Corpus Christi, Texas, according to the LTC’s website.
LTC is a capital partner with growing regional and national operators and is adding to its national portfolio with facility developments and purchases in major metropolitan markets and surrounding suburbs.
“The addition of this newly built and developed property enhances our portfolio’s overall quality by reducing its average age while increasing investments held in private-pay senior living communities,” Wendy Simpson, LTC’s chief executive, said in a statement.
LTC shares closed up 50 cents or nearly 1 percent to $53.04 on the New York Stock Exchange.