San Clemente-based CareTrust REIT, Inc. and a joint venture partner have entered into a binding agreement to acquire a portfolio of skilled nursing facilities for approximately $500 million. The portfolio consists of 31 skilled nursing facilities totaling 3,290 licensed beds, with 30 facilities located in Tennessee and one in Alabama.

PACS Group has agreed to operate 12 facilities, while affiliates of The Ensign Group will operate nine and Links Healthcare Group will operate seven. Three facilities will be master-leased to a regional operator, a new tenant relationship for CareTrust.

CareTrust president and CEO Dave Sedgwick said, “The successful closing of this transaction in the fourth quarter will, not including other opportunities we continue to pursue, bring our annual investment total to approximately $1.4 billion. Combining the full-year impact of this year’s investments with a reloading pipeline, the table is set for 2025 to be another tremendous year for CareTrust and the many operators we support.”

Pictured: A PACS Group facility.

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San Clemente-based CareTrust REIT, Inc. (has purchased three continuing care retirement communities (CCRCs) located in Los Angeles, Orange, and San Diego counties for a total of $60.3 million. The multi-service senior living campuses include 475 assisted living, skilled nursing and memory care beds/units. All three facilities will be operated by Bayshire Senior Communities, an existing CareTrust tenant based in Southern California.

In the largest purchase, CareTrust acquired Torrey Pines Senior Living (pictured), a CCRC located in San Diego, for approximately $32.3 million. The Torrey Pines facility has been added to CareTrust’s existing master lease with Bayshire.

Acquisition of the other two CCRCs was completed through a joint venture arrangement entered into between CareTrust and a third-party regional healthcare real estate investor, with CareTrust as the managing member of the JV entity. CareTrust provided a combined common equity and preferred equity investment amount totaling approximately $28 million.

“Bayshire’s performance in our existing portfolio has demonstrated their focus on providing excellent care to their residents and patients and made us eager to help them add additional scale in Southern California,” said James Callister, CareTrust’s Chief Investment Officer.