LTC Buys Newly Built Senior Living Community For $14.3 Million In Georgia

LTC Properties, Inc. LTC disclosed that today it acquired the Village at Athens, a 70-unit assisted living and memory care community near Athens, Georgia for $14.3 million.

According to LTC Properties, the newly constructed community got its occupancy certificate in May and was added to an existing master lease with an affiliate of Thrive Senior Living at an incremental initial cash yield of 8 percent. The company added that the purpose-built, private-pay community has 90 licensed beds and consisted of 50 assisted living units apart from 20 dedicated memory care units.

The company's Chairman and CEO, Wendy Simpson, commented, "Partnering with Thrive to invest in multiple communities underscores our stated strategy of methodically establishing and growing relationships with bourgeoning regional operators."

He added, "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. We are delighted to continue to cultivate our partnership and contribute to Thrive's long-term success."

On Friday, the stock traded 1.18 percent higher.