CareTrust REIT Doubles Down in Texas
CareTrust REIT just keeps on growing, adding its 212th net-leased property to its portfolio. The target, a 118-bed skilled nursing facility in Dallas, Texas, sold for approximately $10.0 million, or about $84,750 per bed, inclusive of transaction costs. The land it sits on is subject to a long-term ground lease in favor of the Dallas Housing Authority. CareTrust funded the deal with cash on hand, and leased the facility to Next Gen P, LLC under a master lease with an initial lease term of 15 years, two five-year renewal options and CPI-based rent escalators. The deal follows CareTrust’s larger acquisition of 12 former Senior Care Centers skilled nursing facilities in Texas and Louisiana... Read More »
Blueprint and BlueMountain
Blueprint Healthcare Real Estate Advisors announced that it was involved in the Sabra Health Care REIT sale of 28 skilled nursing facilities in Texas and Louisiana to a joint venture of BlueMountain Capital Management, BM Eagle Holdings and Capital Funding Group for $282.5 million. Engaged by the joint venture buyer for their expertise on the Texas and Louisiana markets, Ben Firestone, Chris Hyldahl and Gideon Orion of Blueprint helped find local operating partners and tenants for the portfolio, which was previously operated by the now-bankrupt Senior Care Centers. Despite the bad news surrounding SCC’s financial troubles, these facilities were still operating decently well, particularly... Read More »
The Most-Active Acquirers of 2019, So Far
This may sound familiar, but CareTrust REIT and The Ensign Group have been the two most prolific acquirers of senior care assets so far this year, with four announced acquisitions each since January 1. This comes at a time with public operators and REITs are very publicly trimming their portfolios of either non-performing or non-core businesses. But, this isn’t simply a 2019 trend for CareTrust and Ensign, which announced 18 and 17 acquisitions, respectively, from 2017 to 2018. Neither company has shied away from a turnaround opportunity either, but they are clearly doing something well, as both are trading near their historical high share prices. CareTrust made the biggest splash in April... Read More »
Blueprint Closes Seniors Housing Sales
Coming off an incredibly strong 2018 in M&A (particularly on the skilled nursing side), Jacob Gehl and Scott Frazier of Blueprint Healthcare Real Estate Advisors announced an assisted living sale in Northern California. The pair represented the single-asset owner/operator that was based in California but was looking to exit the industry. The 145-bed community in Lodi currently features no memory care, but the incoming owner and operator are looking to change that, in addition to implementing some substantial renovations. Atlantis Senior Living and a Northern California-based operator teamed up to acquire the community for an undisclosed price. Mr. Gehl was also involved in the sale of... Read More »Schedule a demo
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