CareTrust REIT Acquires CCRCs in San Diego, LA and OC

San Clemente-based CareTrust REIT, Inc. has purchased three continuing care retirement communities (CCRCs) located in Los Angeles, Orange, and San Diego counties for a total of $60.3 million. The multi-service senior living campuses include 475 assisted living, skilled nursing and memory care beds/units. All three will be operated by Bayshire Senior Communities, an existing CareTrust tenant based in Southern California.

In the largest purchase, CareTrust acquired Torrey Pines Senior Living (pictured), a CCRC located in San Diego, for approximately $32.3 million. The Torrey Pines facility has been added to CareTrust’s existing master lease with Bayshire.

Acquisition of the other two CCRCs was completed through a joint venture arrangement entered into between CareTrust and a third-party regional healthcare real estate investor, with CareTrust as the managing member of the JV entity. CareTrust provided a combined common equity and preferred equity investment amount totaling approximately $28 million.

“Bayshire’s performance in our existing portfolio has demonstrated their focus on providing excellent care to their residents and patients and made us eager to help them add additional scale in Southern California,” said James Callister, CareTrust’s CIO.

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