LTC Properties Acquires 216-Unit Twin Cities Senior Housing Portfolio From Trident Development in Record Minnesota Deal

MINNEAPOLIS — LTC Properties, Inc. (NYSE: LTC) has acquired a two-property, 216-unit senior housing portfolio in the Twin Cities metropolitan area from Trident Development, with JLL arranging the transaction. The portfolio comprises Boulder Ponds Senior Living in Lake Elmo and Round Lake Senior Living in Arden Hills, both Class A communities offering independent living, assisted living, and memory care services.

JLL's Seniors Housing Capital Markets team represented the seller, Trident Development, in the transaction and secured LTC Properties as the buyer. Lifespark will remain the operator of both communities following the close of the deal.

Portfolio Overview: Two Stabilized, Purpose-Built Communities

The portfolio was developed by Trident Development and consists of two purpose-built communities positioned within affluent and growing Twin Cities submarkets.

Boulder Ponds Senior Living, completed in 2020, is a 95-unit community located at 192 Jade Trail N. in Lake Elmo, situated within the Twin Cities' eastern corridor. The property has maintained approximately 98% occupancy and features high-end finishes and resort-style amenities. The sale of Boulder Ponds represented the highest price per unit trade of a senior housing asset in Minnesota. The sale price was not disclosed.

Round Lake Senior Living, which opened in 2023, is a 121-unit community at 1740 Parkshore Dr. in Arden Hills, an affluent Minneapolis-St. Paul suburb. The property is positioned along the shores of Round Lake and offers residents access to multiple dining venues, a library, an art room, heated underground parking, and outdoor gathering spaces. The community benefits from proximity to major employment centers, retail amenities, and healthcare services.

Strategic Fit for LTC Properties

LTC Properties is a real estate investment trust focused on seniors housing and health care properties, investing principally through its SHOP structure, as well as triple-net leases and joint ventures. The company's portfolio includes nearly 190 properties throughout the United States, with approximately 70% of gross real estate investments concentrated in seniors housing communities and the remainder in skilled nursing centers.

The Twin Cities acquisition is consistent with LTC Properties' existing strategy of concentrating capital in seniors housing. The decision to retain Lifespark as operator supports operational continuity, with both communities already stabilized and recently delivered, reducing lease-up and renovation risk compared with older value-add assets.

Trident Development's Track Record in the Region

Founded in 2006, Trident Development is a real estate development firm specializing in multifamily housing across Minnesota and Montana. The firm brings expertise spanning real estate development, asset management, construction and project management, and interior and exterior design. Since its founding, Trident has developed more than 4,500 residential units, including market-rate apartments, assisted living communities, and 55-plus independent senior apartment projects.

JLL's Role and Market Context

JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers, with more than 3,000 Capital Markets specialists worldwide and offices in nearly 50 countries. The firm's Seniors Housing Capital Markets team led the advisory assignment on behalf of Trident Development.

The Twin Cities transaction reflects broader investor interest in newer, stabilized, Class A senior housing assets in affluent suburban markets. Both Boulder Ponds and Round Lake are relatively recent construction, with one property completed in 2020 and the other opened in 2023, and are located in submarkets characterized by strong household incomes and access to healthcare services. The retention of an existing operator and high occupancy at Boulder Ponds indicate the deal was driven by cash flow durability rather than turnaround potential.

JLL (NYSE: JLL) is a global commercial real estate and investment management company with annual revenue of $23.4 billion and operations in more than 80 countries.

Sources

JLL Newsroom: JLL arranges sale of Twin Cities seniors housing communities (Aug. 10, 2026)