CareTrust REIT (CTRE) said Wednesday it bought a skilled-nursing and assisted-living campus facility in Los Alamitos, California, through a joint venture arrangement with a third-party healthcare real estate owner.
CareTrust provided a combined common and preferred equity investment of about $34 million at closing. The company said the joint venture has leased the facility to Ensign Group (ENSG) affiliates under a new 15-year triple-net lease that includes two five-year extension options.
CareTrust also said it separately purchased a 160-bed residential care facility for the elderly in Concord, California, for about $20.6 million. The facility will be operated by, and has been added to the company's existing master lease with, affiliates of Kalesta Healthcare Group.
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