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LTC Properties acquires Michigan, Texas assets

LTC Properties Inc. bought two seniors housing communities in Michigan and a skilled nursing center in Texas for a combined $32.5 million, and added two regional operating partners.

The healthcare real estate investment trust paid $19 million for the two communities containing 156 assisted living and memory care units in Auburn Hills and Sterling Heights, Mich., with a further capital improvement investment of about $2 million in the first year of the lease. Randall Residence will operate the two assets under a 10-year triple-net master lease, with four five-year renewal options.

LTC paid $13.5 million for the 140-unit skilled nursing center in Longview, Texas, which will be operated by HMG Healthcare under a 10-year triple-net master lease, with two five-year renewal options.