CareTrust Buys Two Communities Near Milwaukee for $26.1M

Applewood of New Berlin Applewood of New Berlin

MILWAUKEE — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two seniors housing communities in the Milwaukee metro area for $26.1 million.

The portfolio consists of Applewood of Brookfield, a 48-unit assisted living and memory care facility in Brookfield, Wis., and Applewood of New Berlin, a 40-unit assisted living and memory care facility located in New Berlin, Wis.

CareTrust added the properties to its master lease with New York-based operator Premier Senior Living LLC.

The new investments are expected to generate additional annual cash rent of $2.2 million, resulting in an initial cash yield of 8.3 percent. The amended Premier Senior Living master lease has a remaining initial term of approximately 14 years, with two five-year renewal options and CPI-based rent escalators.

CareTrust funded the acquisition with its $400 million unsecured revolving credit facility.

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