New Memory Care Community Coming to Chicago Metro
- Jun 09, 2015
Senior housing and healthcare property investor LTC Properties, Inc. is lending a helping hand to Chicagoans suffering from Alzheimer or Dementia. The company recently purchased approximately 3.5 acres of land in Tinley Park, Ill., where it intends to develop a 66-unit memory care community in partnership with Anthem Memory Care. According to a news release, the new community will open in the summer of 2016. LTC reportedly paid roughly $700,000 for the land parcel, which was added to an existing 10-year master lease with an Anthem affiliate.
The Tinley Park project is not the first collaboration between LTC and Oregon-based Anthem Memory Care. The two companies are also developing a 66-unit memory community in Burr Ridge, Ill. scheduled to open at the end of the year. They also completed a number of communities in Colorado together – Greenridge Place in Westminster, Chelsea Place in Aurora, Willowbrook Place and Highline Place in Littleton.
“With an attractive risk-adjusted return profile relative to acquisitions, development will be an ongoing driver of growth for LTC,” said Wendy Simpson, LTC chairman and CEO. “At the same time, we will continue to execute on our strategy of diversifying our portfolio by geography, property type and operator.”
LTC and Anthem are also working on a new memory care community in Glenview, Ill. Construction on the project is expected to begin later this year and will bring the total number of collaborative projects to seven.
Image courtesy of LTC Properties, Inc.
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