CULPEPER, LOUISA and WARRENTON, Va. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired three assisted living communities in Virginia for an undisclosed price.
The three communities were added to CareTrust’s master lease with affiliates of Blacksburg-based Twenty/20 Management. Twenty/20's relationship with CareTrust REIT now covers five properties in Virginia. The amended Twenty/20 master lease has a remaining term of approximately 13 years, with two five-year renewal options and CPI-based rent escalators.
The three-facility, 91-unit Virginia portfolio includes Amerisist of Culpeper, Amerisist of Louisa and Amerisist of Warrenton.
Mark Myers, Joshua Jandris and Andrew Hilding of Institutional Property Advisors represented the seller, a private owner-operator, in the deal.
CareTrust is a publicly traded REIT based in California with net-leased healthcare properties and three operated seniors housing properties in 23 states.