LTC and Anthem expanding in Chicagoland

With four memory care communities already open in the Chicago metro area in the last few years, a joint venture between LTC Properties and Anthem Memory Care is on track to add three more communities in the next year or so. The first project is in Burr Ridge, features 66 units of memory care and will open later this year, with a cost of approximately $12 million, or $181,800 per unit (right around average for assisted living/memory care in Illinois, which is $188,700 per unit, according to our data). Second, LTC just recently closed on 3.5 acres of land in Tinley Park, Illinois for approximately $700,000, on which they plan to construct another 66-unit memory care community. The project, which should cost around $11.2 million is expected to open next summer. The land parcel was added to an existing 10-year master lease with an affiliate of Anthem. Finally, the joint venture has another parcel of land currently under contract in Glenview, which should begin construction later this year subject to the completion of due diligence.