CareTrust REIT Acquires Memory Care Facility in Texas for $4.9M

by Jeff Shaw

SAN ANGELO, Texas — CareTrust REIT, Inc. (NASDAQ:CTRE) has acquired New Haven of San Angelo, a 30-unit assisted living and memory care facility in the West Texas city of San Angelo, for $4.9 million.

The buyer immediately entered into a triple-net master lease with New Haven Assisted Living to operate the community.

The lease is expected to result in annual rental revenue of approximately $404,000 to CareTrust under the terms of the master lease, which carries an initial term of 15 years with two five-year renewal options and CPI-based rent escalators.

The 30-unit facility includes land for potential future expansions to up to 60 units.

New Haven operates six assisted living and memory care buildings in Texas, with four new projects under development.

CareTrust is a publicly traded REIT based in San Clemente, Calif., with a focus on seniors housing and healthcare properties.

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