LTC Properties will acquire two Texas memory care communities in a $25.2 million sale-leaseback arrangement that adds Koelsch Communities to its portfolio of operators, the real estate investment trust announced Tuesday.
“Koelsch has been successfully operating seniors housing properties for 60 years,” LTC Chairman and CEO Wendy Simpson said. “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.”
The two memory care communities, Riverside Inn at Fossil Creek in Fort Worth, TX, and Saddle Brook in Frisco, TX, have a total of 88 units and 133 beds, LTC said. Riverside Inn was built in 2014, and Saddle Brook was built in 2015. The properties were owned and will continue to be operated by Koelsch Communities under a new, 10-year master lease.
Koelsch Communities currently operates 34 independent living, assisted living, memory care and respite care communities in eight states.
“Koelsch is pleased with our new relationship with LTC,” Koelsch Communities President and CEO Aaron Koelsch said. “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.”