CareTrust REIT acquires Southern California skilled nursing facility in JV investment
CareTrust REIT has completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility located in Vista, Calif.
Once regulatory approval is obtained, the facility will be operated by Bayshire Senior Communities (a current tenant of CareTrust) pursuant to a new 15-year lease with the joint venture landlord.
To acquire the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture. CareTrust’s combined common equity and preferred equity investments in the joint venture total $25.5 million.