CareTrust REIT buys SNF

CareTrust REIT has acquired Shaw Mountain at Cascadia in Boise, ID.

The $8.9 million purchase for the 98-bed skilled nursing facility involved CareTrust entering into a triple-net lease with Cascadia Healthcare, LLC, which took over operations effective May 1.

The investment is expected to generate $850,000 to CareTrust in initial annual rental revenue.

"We have long known and respected Cascadia's principals, dating back to our Ensign days together, and are excited to see Cascadia become a major player in the post-acute care delivery throughout Idaho and beyond,” Greg Stapley, CareTrust's chairman and CEO, said.

The same day CareTrust acquired a two-property, 67-unit senior housing portfolio in North Carolina for $11.8 million, which has been leased to Premier Senior Living at an annual rental of approximately $1.0 million. It also bought a 175-unit senior housing property in Bedford, VA, in a sale-leaseback from 20/Twenty Management, for $10 million.

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