San Clemente, Calif.-based CareTrust REIT will acquire 31 skilled nursing facilities in Tennessee and Alabama for approximately $500 million.
The acquisition will be made through a joint venture arrangement with a large unnamed third-party healthcare real estate owner and is expected to close in the fourth quarter of 2024, according to an Oct. 29 news release from CareTrust.
Most of the facilities will be operated by existing CareTrust affiliates including The Ensign Group, PACS Group and Links Healthcare Group, the release said.