CareTrust REIT has purchased four California continuing care retirement communities (CCRCs) in the upscale Southern California submarkets of Camarillo, Carlsbad, Rancho Mirage (Palm Springs) and San Juan Capistrano. The sales price was $126 million.
The multi-service senior living campuses, which were originally developed by hotelier Marriott International, between 1999 and 2000, include 637 assisted living, skilled nursing and memory care beds.
Bayshire Senior Communities, an existing CareTrust tenant based in San Diego, will lease and operate the Rancho Mirage and Carlsbad campuses under an amendment to Bayshire’s existing master lease.
Scott Kirby, Bayshire’s CEO, said, “We are excited to grow here in San Diego, and to expand into the demographically attractive Coachella Valley,” referencing the large senior po
