CareTrust REIT Acquires Southern California Assisted Living Facility in Joint Venture Investment
Summary
In connection with its acquisition of the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture arrangement under which CareTrust provided a combined common equity and preferred equity investment amount totaling $10.7 million. CareTrust’s initial contractual yield on its combined preferred and common equity investments in the joint venture is approximately 9.3%. “We are thrilled to kick off 2024 with the acquisition of a quality assisted living property with a new relationship with an accomplished operator,” said James Callister, CareTrust’s Chief Investment Officer. “We anticipate expanding the relationship as we find more assisted living properties that fit our shared criteria,” said Mr. Callister. CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties.