LTC Enters $10 Million Joint Venture
WESTLAKE VILLAGE, CA–LTC Properties Inc. (NYSE: LTC), a real estate investment trust that invests in seniors housing and health care properties, today announced it entered into a real estate joint-venture relationship with an affiliate of Affinity Living Group to acquire The Inverness at Spartanburg, an 87-unit assisted living and memory care community in South Carolina for $10 million.
The community will be operated by an affiliate of Affinity Living Group under a triple-net lease. Affinity, which operates 92 assisted living, memory care and independent living facilities in eight states predominately in the Southeast, is a new operating partner for LTC.
“We are continuing our strategy of providing innovative and flexible financing solutions in response to the changing needs of regional operating partners,” said Wendy Simpson, LTC’s chairman and CEO. “Affinity has a strong presence in the Southeast, and we welcome them as a new partner.”