IE Business Daily Business news for the Inland Empire.
A 78-unit assisted living and memory care facility in San Bernardino has been sold.
CareTrust REIT Inc. bought The Villas at San Bernardino for $10.7 million in a joint venture with a regional healthcare real estate investor whose name was not released, according to a statement.
Oxford Health Group in Los Angeles will operate the facility at 2985 N. G St. Oxford Health has agreed to a 10-year lease with an option to extend that agreement five years.
“We are thrilled to kick off 2024 with the acquisition of a quality assisted living property,” said James Callister, CareTrust’s chief investment officer, in the statement. “We anticipate expanding the relationship as we find more assisted living properties that fit our shared criteria.”
Based in San Clemente, CareTrust Reit is a publicly traded company that buys and leases senior housing and healthcare facilities throughout the United States Most of its properties are skilled nursing facilities, according to the company’s website.
