CareTrust REIT Acquires Skilled Nursing and Senior Housing Portfolio in Midwest for $97M

San Clemente-based CareTrust REIT Inc. acquired a 46-facility, 3,820-unit skilled nursing and seniors housing portfolio located in the Midwest for $97 million. The portfolio was completed in coordination with the bankruptcy and sale of all assets of the debtor/seller.

Seven of the 46 facilities are skilled nursing and assisted living campuses, and another seven are assisted living facilities. In connection with the deal, the company entered into a triple-net master lease with a skilled nursing investor and operator who will sublease the portfolio. The new master lease has an initial term of 15 years.

“This transaction commences a new relationship with a skilled nursing investor and operator we are very excited about and look forward to growing with in the future,” said James Callister, CareTrust chief investment officer, in a statement.

The investment was funded using cash on hand. To date, the company has made acquisitions totaling $1.3 billion this year.