CareTrust REIT Joint Venture Acquires Vista SNF

CareTrust REIT announced Wednesday that it had completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility located in Vista. The undisclosed sum included CareTrust’s combined common equity and preferred equity investments totaling $25.5 million, with an initial contractual yield of approximately 9.7%. Once regulatory approval is obtained, the facility will be operated by Bayshire Senior Communities under a new 15-year lease with the JV landlord featuring 3% fixed annual rent escalators and two five-year extension options. As managing member of the JV entity, CareTrust oversees all operations related to this acquisition.