August 27, 2019
Senior housing REIT LTC Properties acquired a post-acute skilled nursing center plus a land parcel to develop a similar product, both in the Kansas City metro area. The centers will be operated by Ignite Medical Resorts, an operator new to LTC.
LTC acquired a 90-bed center in Kansas City, MO for $19.5 million. Built in 2018, the center averages 90% occupancy and generates more than $1.0 million in monthly revenue.
The REIT also acquired a parcel of land to develop a 90-bed post-acute skilled nursing center in Independence, MO. Completion is scheduled for the fall of 2020. Avenue Development, which focuses on healthcare and senior living, is managing the project.
“These acquisitions represent our positive outlook on the next generation of post-acute skilled nursing,” said LTC CEO Wendy Simpson. “We are optimistic about our new partnership with Ignite and their innovative approach to rapid rehabilitation in a resort-style setting.”
Connect Healthcare is coming up October 2 and 3, 2019 at The Resort at Pelican Hill in Newport Coast. More information about the event and registration details can be found here.
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