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ABINGDON, Va. — LTC Properties Inc. (NYSE: LTC) has acquired English Meadows Abingdon Campus, a 74-unit assisted living and memory care community in Abingdon, located in the southwest corner of the state.
The acquisition is structured as a sale-leaseback joint venture with the former owner, an affiliate of English Meadows Senior Living Communities. LTC acquired a 95 percent ownership stake in the community for $17 million, with an initial lease rate of 7.4 percent.
The transaction marks LTC’s launch of a new operating partnership with English Meadows, which operates eight communities in Virginia.
Opened in 2015, English Meadows Abingdon Campus featured a stabilized occupancy of 90 percent at closing.