CINCINNATI — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Victory Park Nursing Home, a 55-bed skilled nursing facility, and Victoria Retirement Community, a skilled nursing and assisted living community with 90 skilled nursing beds and 69 assisted living units. Both facilities are located in Cincinnati.
The two communities will be added to CareTrust’s existing master lease with Pristine Senior Living. CareTrust will provide Pristine with $500,000 to perform immediate upgrades to the community.
Although the purchase price was not disclosed, CareTrust placed its “aggregate investment in the communities” at $15.2 million.
The Pristine master lease has a remaining initial term of approximately 14.5 years, with two five-year renewal options and CPI-based rent escalators.
CareTrust funded the acquisition using proceeds from its follow-on equity offering in March. The publicly traded REIT is based in San Clemente, Calif.
Pristine Senior Living currently operates over 1,500 beds across 17 seniors housing properties in Ohio.