Source: Aviv REIT / #Senior #Housing
CHICAGO, IL - Aviv REIT, Inc. announced it has acquired a campus in Minnesota which includes a post-acute and long-term care skilled nursing facility, an assisted living facility and an independent living facility , and one post-acute and long-term care SNF in Texas in two separate transactions for $43.4 million.
The campus is located in Minnesota and is triple-net leased to new Aviv operator Mission Health Communities, an operator of 15 facilities in four states. The SNF in Texas is triple-net leased to existing Aviv operator Trinity Healthcare, LLC, an operator of four facilities in Texas. These investments have a blended initial cash yield of 9.7%, annual escalators and initial lease terms of ten years.
"We are off to a great start in 2014 and our pipeline is very strong," said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. "We are excited that we are able to continue to convert our pipeline into accretive acquisitions with attractive yields. This is our fourth acquisition with Trinity in the past year and we expect to continue to grow our relationship with them. The Mission acquisition was brought exclusively to us as Mission was looking for a relationship-oriented capital partner to help them grow. Aviv diversified its portfolio by adding another experienced, multi-state operator and further diversified its portfolio by expanding its presence in Minnesota. We are in an excellent position to continue to execute our growth strategy with approximately $380 million of availability on our revolver."
Aviv REIT, Inc., based in Chicago, is a real estate investment trust that specializes in owning post-acute and long-term care skilled nursing facilities and other healthcare properties. Aviv is one of the largest owners of SNFs in the United States and has been in the business for over 30 years. The Company currently owns 285 properties that are triple-net leased to 39 operators in 29 states.