CareTrust Buys Idaho Skilled Nursing Facility

Cascadia of Nampa is the newest property part of tenant Cascadia Healthcare’s portfolio in the state, which totals 12 facilities.
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In an all-cash deal, CareTrust REIT has acquired the newly constructed Cascadia of Nampa, a 99-bed rehabilitation facility in Nampa, Idaho. The facility brings tenant Cascadia Healthcare’s Idaho portfolio to a total of 12 assets and 1,013 licensed beds. CareTrust’s total investment in the property was $12.8 million, which included the preferred equity investment that the company placed in 2016, when the property broke ground.

Located at 900 N. Happy Valley Road, Cascadia of Nampa opened in November 2017. The property features a long-term lease with Cascadia Healthcare with approximately 12 years remaining on the initial term plus three five-year renewal options. The property is one block from the 152-bed Saint Alphonsus Medical Center and approximately 20 miles from a newly completed sister facility in Boise.

The REIT holds a total of 215 net-leased healthcare properties across 27 states, 152 of which are skilled nursing facilities. One of its more recent deals is the acquisition of a 186-bed facility in Butte, Mon., with a master lease held by Salt Lake City-based Eduro Healthcare.