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CareTrust Pays $26M for Seniors Housing
CareTrust REIT acquired two senior housing assets in the Milwaukee metropolitan area. The California REIT paid $26.1 million for the 48-unit Applewood of Brookfield, at 2800 N. Calhoun Rd. in Brookfield, and the 40-unit Applewood of New Berlin, at 2900 S. Moorland Rd. in New Berlin. The two communities were added to CareTrust’s existing master lease operator Premier Senior Living LLC, which is headquartered in New York.
The acquisition was funded using CareTrust’s $400 million unsecured revolving credit facility. The investments are expected to generate additional cash rent of $2.2 million, resulting in a yield of 8.3%. The Premier Senior Living master lease has a remaining initial term of 14 years, with two five-year renewal options.
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