CareTrust REIT Acquires Four Communities in Idaho, Virginia, North Carolina for $30.7M

by Jeff Shaw

SAN CLEMENTE, Calif. — CareTrust REIT (NASDAQ: CTRE), an investor based in San Clemente approximately midway between Los Angeles and San Diego, has acquired four seniors housing communities in three separate transactions for a total of $30.7 million.

In the first transaction, CareTrust acquired Croatan Village, a 46-unit assisted living community in New Bern, N.C., and Countryside Village, a 21-unit memory care community in Pikeville, N.C., for $11.8 million. Both towns are in the eastern portion of the state. The buyer triple-net leased both facilities to Premier Senior Living LLC. Evans Senior Investments advised CareTrust in the deal.

In the second transaction, CareTrust bought English Meadows Elks’ Home, a 175-unit independent living and assisted living community in Bedford, Va., for $10 million. The deal was structured as a sale-leaseback with the Virginia-based seller and operator, Twenty/20 Management Inc.

In the final transaction, CareTrust acquired Shaw Mountain at Cascadia, a 98-bed skilled nursing facility in Boise, Idaho, for $8.9 million. This deal was also a sale-leaseback transaction with the seller and operator, Cascadia Healthcare LLC.

All three acquisitions were funded by an 8.5 million-share equity offering that occurred in March.

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