Brand-New Senior Living Community Sells in Atlanta Metro
- Jul 14, 2016
Atlanta—LTC Properties Inc., a REIT that primarily invests in seniors housing and healthcare properties, recently announced its acquisition of the Village at Athens, a 70-unit assisted living and memory care community in the Atlanta metro, near Athens, Ga. The company purchased the asset for $14.3 million.
The brand new community received its certificate of occupancy in May 2016, and has been added to an existing master lease with an affiliate of Thrive Senior Living at an incremental initial cash yield of 8 percent. The purpose-built, private-pay community has 90 licensed beds and comprises 50 assisted living units and 20 dedicated memory care units. Rebranded Thrive at Athens, the community incorporates technology and high-qualified caregivers and features smart locks, medication management, activities and fine dining.
Thrive at Athens expands LTC’s relationship with Thrive to three communities. Two additional development projects are in the pipeline, both expected to open by year’s end.
“Partnering with Thrive to invest in multiple communities underscores our stated strategy of methodically establishing and growing relationships with regional operators,” said Wendy Simpson, LTC’s chairman & CEO. “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.”
Photo courtesy of Village at Athens LinkedIn page