Saturday, October 23, 2021
68.5 F
Fort Worth

Fort Worth, Frisco memory care facilities acquired for $25.2M

🕐 1 min read

Two Texas memory care facilities – one in Fort Worth, the other in Frisco, have been acquired by Westlake Village, California-based LTC Properties Inc. (NYSE:LTC) for$25.2 million.

LTC Properties, a real estate investment trust that primarily invests in seniors housing and health care properties, said the sale-leaseback acquisition of the two Texas memory care communities is comprised of 88 units and 133 beds. The communities were owned and will continue to be operated by Koelsch Communities under a new, 10-year master lease at a starting cash yield of 7.25 percent.

Riverside Inn, based in Fort Worth and built in 2014, is a 68-bed, 42-unit memory care community. Saddle Brook, based in Frisco and built in 2015, is a 65-bed, 46-unit memory care community.

New to LTC’s portfolio of operators, Koelsch Communities has owned and operated seniors housing since 1958. Koelsch currently operates 34 independent living, assisted living, memory care, and respite care communities in eight states.

“We are excited to be working with Koelsch as our newest operating partner. Koelsch has been successfully operating seniors housing properties for 60 years,” said Wendy Simpson, LTC’s chairman and CEO. “As a strong regional operator with a solid balance sheet, they represent exactly the type of strategic partner we want to work with to enhance our portfolio.”

“Koelsch is pleased with our new relationship with LTC,” said Aaron Koelsch, president and CEO of Koelsch Communities. “With LTC as capital partners, we can remain operationally committed to the principles and values that have been our cornerstones for the last 60 years—offering unprecedented service and care, while treating our residents with dignity and respect.”

Related Articles

Our Digital Sponsors

Latest Articles

Texas Rangers
Fort Worth Business Press Logo
This advertisement will close in
00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
seconds..
Click here to continue to Fort Worth Business Press

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

This field is for validation purposes and should be left unchanged.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate