SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE), a publicly traded investor based in San Clemente, has acquired 12 seniors housing communities totaling 1,734 beds in Texas and Louisiana for $211 million.
The two-state transaction included seven skilled nursing facilities and one skilled nursing and assisted living campus in Louisiana. CareTrust immediately changed the operator to Priority Management Group. The Texas properties include three skilled nursing facilities and a CCRC, which also received a new operator, Southwest LTC.
Both new operators are familiar with the properties and markets. The communities will pay $19 million in rent to CareTrust annually. The specific names and locations were not disclosed.
CareTrust will provide $1.7 million in capital expenditure funds over two years to allow Southwest LTC to address deferred maintenance and cosmetic needs at two of the Texas facilities.