California's CareTrust REIT buys St. Petersburg memory care facility

BUYER: CTR Partnership LP (CareTrust REIT Inc.), San Clemente, Calif.
SELLER: SPALF Holdings LLC
PROPERTY: 3479 54th Ave N. and 3433 55th Ave. N., St Petersburg
PRICE: $8.42 million
PREVIOUS PRICE: $1.15 million, May 2010
LAW FIRM ON DEED: Sherry Meyerhoff Hanson & Crance LLP, Newport Beach, Calif.

PLANS, DESCRIPTION:
CareTrust REIT Inc. purchased the 70-unit/115-bed Bristol Court assisted-living facility in St. Petersburg for $8.4 million.

The price equated to $120,340 per unit or $73,250 per bed.

In time with the sale, CareTrust agreed to a 15-year master lease with Better Senior Living Consulting LLC, which is operating the memory care focused facility.

Better Senior Living Consulting operates eight seniors housing facilities with 481 beds in Florida.

CareTrust REIT Inc. owns 104 net-leased health care properties and three operated seniors housing properties in 12 states. The purchase marks the newly formed REIT's first acquisition in Florida.