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ANTHEM ADDING NINTH PROPERTY

Anthem Memory Care is expanding its memory care offering in its third state of operations with plans to build a 66-unit community in Murrieta, California. Founded in 2008, the company already has a presence in the Denver metro, with four communities, and a property in Chico, California, and recently announced that it is developing three properties in Chicagoland in a joint-venture with LTC Properties. Now, Anthem has broken ground on its ninth property in Murrieta at a cost of $12.6 million, or $190,900 per unit. That figure is on the low side for California, which averages $260,000 per unit to build memory care or assisted living/memory care communities, according to our data (which tracks developments back to late 2013). Development partners Markham Development Management Group and LTC Properties will assist Anthem in the building and financing of the project. LTC will own the property and building, with Anthem serving as the fee developer and long-term lessee/operator of the community. Also working with Anthem are CM Consulting, CBTwo Architects and Consolidated Contracting. The community is expected to open in the summer of 2016. Anthem is targeting several more land acquisitions and developments throughout Southern California with an anticipated portfolio of 6-8 properties.