CareTrust REIT Expands Memory Care Portfolio
The REIT acquired Vista del Lago, a memory care facility in Escondido, California, with 52-unit facility with 96 licensed beds.
CareTrust REIT has acquired Vista del Lago, a memory care facility. The property is located in Escondido, California, and is a 52-unit facility with 96 licensed beds. The property traded hands for $12.6 million.
Vista del Lago has been leased to San Diego-based seniors housing operator Bayshire, which has managed the facility for the related-party seller since 2016.
Initial annual cash rent under the Bayshire master lease will be approximately $1.03 million, and the lease carries annual CPI-based rent escalators. The lease term is 15 years, plus two five-year renewal options. The acquisition was funded using cash on hand.