CareTrust REIT Acquires Four Assisted Living Communities in Michigan for $30.8M

by Jeff Shaw

FLINT, Mich. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired a portfolio of four assisted living and memory care communities in the greater Flint area for a total of $30.8 million. Flint is located approximately 70 miles northwest of Detroit.

The four properties include The Pines of Clarkston, a 46-unit community in Clarkston; The Pines of Goodrich, a recently completed, 40-unit community in Goodrich; The Pines of Burton, a 62-unit community in Burton; and The Pines of Lapeer, a 40-unit community in Lapeer.

Permier Senior Living LLC took over operations of all four communities effective June 1, 2016. The communities were added to an existing master lease with CareTrust, which already included two recently acquired communities in North Carolina.

The $30.8 million purchase price included transaction costs. The communities produce approximately $2.7 million per year under the terms of the lease.

CareTrust funded the acquisition with proceeds from its recent 8.5 million-share equity offering in March.

CareTrust is a publicly traded real estate investment trust based in California. Premier is a New York-based operator of 21 seniors housing communities in six states.

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