CareTrust REIT acquires Pensacola care facility

CareTrust REIT Inc. yesterday announced its acquisition of Asbury Place Assisted Living in Pensacola, designating Better Senior Living Consulting LLC to lease and manage the site’s operations.

The $5.4 million transaction for the 38-unit/64-bed facility is part of a master lease which also includes CareTrust's recently acquired Bristol Court Assisted Living, a 70-unit/115-bed memory care facility in St. Petersburg.

"We are excited to expand our relationship with Lynn Anderson and the Better Senior Living team," CareTrust's chairman and CEO Greg Stapley said. "Better Senior Living has proven to be a tremendous operating partner, and we are impressed with their ability to operate a high-quality, growing portfolio in the state of Florida."

Better Senior Living Consulting is a St. Petersburg-based senior living and memory care operation that operates nine senior housing facilities throughout Florida with 545 beds. Florida regulators regularly engage the firm to consult on troubled senior housing operations statewide.

"We're thrilled to have a capital partner like CareTrust to help us grow our portfolio of secured memory care and assisted living facilities in Florida,” Better Senior Living CEO Lynn Anderson said. “Pensacola is a great market and Asbury Place is a well-run facility that fills in a key geography for our growing footprint."

CareTrust REIT is a real estate investment company engaged in the ownership, acquisition and leasing of senior housing and health care-related properties.

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