The Ensign Group and CareTrust Acquire Two Texas SNFs
The Ensign Group and CareTrust REIT have teamed up to acquire the real estate and operations of two skilled nursing facilities in the Austin, Texas metropolitan area. CareTrust purchased the facilities for $32.5 million, or about $135,000 per bed, while The Ensign Group recently took over operations effective August 1, 2021 as part of the acquisition. This deal brings Ensign’s growing portfolio to 242 healthcare operations, 22 of which also include senior living operations, across thirteen states. The facilities are Sedona Trace Health and Wellness Center, a 119-bed skilled nursing facility located in Austin, Texas; and Cedar Pointe Health and Wellness Center, a 122-bed skilled... Read More »
CareTrust REIT Acquires Again in California
A little over a month after CareTrust REIT first acquired four CCRCs in California, then a 150-bed skilled nursing facility in Santa Barbara, the company has made another Golden State purchase. The latest deal features a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center in El Centro (Imperial County). The seller was a private individual who had owned the facility for more than 20 years. They experienced high staff turnover and occupancy decline as a result of the pandemic and decided to seek a sale. The seller had fallen out of contract with a previous buyer but was still highly motivated to exit. That led to San Diego-based Bayshire Senior... Read More »
CareTrust REIT Acquires Again
On the back of its purchase of four CCRCs in California last week, CareTrust REIT jumped back in the buyer pool to acquire a 150-bed skilled nursing facility in Santa Barbara. In the off-market transaction, CareTrust also retained the operator, California-based Covenant Care, under an assumed long-term lease. That brings CareTrust and Covenant’s relationship to eight facilities. The REIT spent approximately $15.86 million (excluding around $40,000 of transaction costs), or $105,700 per bed on the facility. The existing lease, which has approximately four years left on its term, with two five-year renewal options, produces about $1.5... Read More »
CareTrust REIT Acquires Rental CCRC Portfolio
CareTrust REIT acquired four former Marriott rental CCRCs in Southern California for a combined purchase price of $125.2 million, or $196,500 per unit. That just about equals the average price per unit for seniors housing properties in the 2020 M&A market, according to 26th Edition of The Senior Care Acquisition Report. Originally developed by Marriott in 1999 and 2000, these communities total 360 assisted living units, 97 memory care units and 180 skilled nursing beds. They are all located in high-income markets in Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. An institutional owner hired Evans Senior Investments to market and sell the... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
