LTC Properties Acquires Senior Housing From Harbert Management Corp For $73 Million

The transaction involved the acquisition of two senior housing properties: MorningStar of Albuquerque, located at 8051 Palomas Avenue Northeast, and MorningStar of Wheat Ridge, located at 10100 West 38th Avenue. The properties encompass a total of 133 units with a combined sale price of $73,000,000, resulting in a price per unit of $548,872. The market locations for the properties are Albuquerque, New Mexico, and Wheat Ridge, Colorado.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $73,000,000
• Buyer: LTC Properties
• Seller: Harbert Management Corp
• Broker: Berkadia
• Total Units: 133
• Price Per Unit: $548,872

LTC Properties has acquired the properties from Harbert Management Corp., with MorningStar Senior Living continuing to manage the assisted living and memory care communities. The Albuquerque property comprises 69 units, while the Wheat Ridge property consists of 64 units, both of which will be added to LTC's senior housing operating portfolio.