PARKER, Colo. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Avantara Crown Point, a 154-bed skilled nursing facility in Parker, approximately 25 miles southeast of Denver.
The property will be renamed The Suites – Parker and Salt Lake City-based Eduro Healthcare will take over operations. The company operates five other CareTrust properties, including one in nearby Lakewood.
The community was built in 2012 and is located across the street from Parker Adventist Hospital. It is the only skilled nursing facility in Parker certified for both Medicare and Medicaid reimbursement, according to CareTrust.
CareTrust paid $19.6 million for the acquisition. The property was added to Eduro’s existing master lease, with an annual cash rent of $1.75 million. The master lease carries annual CPI-based rent escalators, and has 12 years remaining on the initial term, plus two five-year renewal options.
The acquisition was funded using cash on hand.