CareTrust REIT Inc. Acquires Senior Housing Portfolio In Los Angeles, Orange & San Diego For $60,000,000
CareTrust REIT Inc. Acquires Senior Housing Portfolio In Los Angeles, Orange & San Diego For $60,000,000
Summary
The Senior Housing Portfolio, consisting of three continuing care retirement communities in Los Angeles, Orange, and San Diego counties, was acquired by Dave Sedgwick - CareTrust REIT Inc. The portfolio includes Torrey Pines Senior Living in San Diego, purchased for $32.3 million, with a total of 475 beds/units managed by Bayshire Senior Communities as part of joint-venture arrangements.
Summary of transaction details:
- Property Type: Senior Housing
- Transaction Amount: $60,000,000
- Units: 475
- Price Per Unit: $126,316
- Market: Los Angeles, Orange & San Diego
- Buyer: Dave Sedgwick - CareTrust REIT Inc.
CareTrust REIT Inc.'s investment strategy for the acquisition emphasized joint-venture arrangements and an initial contractual yield of around 9.1 percent. With the management by Bayshire Senior Communities, the acquisition further solidifies CareTrust's commitment to the senior housing sector in these three key California counties.
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