CareTrust REIT Inc. bought the 96-bed Vista del Lago memory care facility in Escondido, Calif., with cash on hand.
The healthcare real estate investment trust said its total investment in the property was about $12.6 million, including transaction costs.
The 52-unit facility has been leased to San Diego-based seniors housing operator Bayshire LLC, the same manager of the facility for the related-party seller, for a 15-year term with two five-year renewal options.
Bayshire Principal Scott Kirby, who was also a partner in the seller, was able to recapitalize Bayshire and become the sole owner of the operating company.
