WESTLAKE VILLAGE, Calif.—LTC Properties Inc. (NYSE: LTC), a real estate investment trust investing in seniors housing and care, today announced it has acquired two Michigan senior living communities and one Texas skilled nursing center.
The Michigan communities will be operated by Randall Residence, and the Texas center will be operated by HMG Healthcare. Both regional operators are new to LTC.
The two Randall Residence communities are in Auburn Hills and Sterling Heights, Mich. They have, combined, 156 assisted living and memory care residences.
“We are enthusiastic about this new partnership with LTC as we continue to expand our presence in the markets we know so well,” said Christopher Randall, CEO of Randall Residence. “Providing individualized quality care to seniors is our life’s work, and as we continue to grow, we look forward to offering more families a safe and nurturing atmosphere.”
The HMG Healthcare skilled nursing center is in Longview, Texas. It has 140 licensed beds.
“My relationship with LTC spans more than a decade, and I am excited to re-engage with them as a partner in growth,” said Laurence Daspit, principal of HMG Healthcare. ”Our new partnership will support HMG Healthcare’s mission of delivering premier health care services, through dedicated and compassionate employees, to accommodate the individual needs of our residents.”
“We remain committed to partnering with strong regional operators that are demonstrating executable and targeted growth plans, and Randall Residence and HMG Healthcare embody these characteristics,” said Wendy Simpson, LTC’s CEO and president. “We have been cultivating these relationships for some time and have confidence in their ability to perform well by focusing on residents and best-in-class operations. These partnerships provide a pathway for growth for all of us.”
About LTC Properties
LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC holds more than 200 investments in 28 states with 30 operating partners. The portfolio is comprised of approximately 50% seniors housing and 50% skilled nursing properties. Learn more at LTCreit.com.
About Randall Residence
Established in 1975, Michigan-based Randall Residence is a family business focused on creating and enriching, remarkable senior living experience for its residents. Randall Residence currently operates 13 independent living, assisted living and memory care communities in Michigan, Ohio and Illinois.
About HMG Healthcare
Established in 2012, HMG Healthcare’s mission is to deliver premier healthcare services, through dedicated and compassionate employees accommodating individualized care needs. HMG Healthcare currently owns and/or operates 28 senior housing and care properties in Texas and Kansas.
