SOUTHWEST–New York-based Newcastle Investment Corp. has purchased six senior housing communities throughout Texas. The purchase price totaled $186 million, excluding transaction costs.
While the exact properties and sellers were not disclosed, this purchase of the rental continuing care retirement communities will add 1,265 beds to Newcastle’s portfolio.
Simultaneous to this purchase, Newcastle and Lifecare Cos. have entered into a triple-net master lease agreement. The lease has an initial 15-year term with two 5-year renewal options.
As GlobeSt.com reported in mid-June, Newcastle filed a registration statement to spin off its senior housing business into a REIT that will trade under the name New Senior Investment Group. The move comes about six months after the New York City-based investment firm, one of the largest publicly traded players in the space, acquired a 51-property portfolio from an affiliate of Holiday Retirement for $1.04 billion.
In the last two years, Newcastle has invested more than $700 million into acquiring 95 senior housing properties. These purchases have added 11,900 bed and more than $1.8 billion in assets to the company’s holdings.
Newcastle was unable to be reached for comment before deadline.