Source: Aviv REIT / #Senior #Housing
HOUSTON, TX - Aviv REIT, Inc. announced it has acquired a post-acute and long-term care skilled nursing facility ("SNF") in Houston, TX for $15.9 million. The SNF, which was just recently built in 2013, is triple-net leased to existing Aviv operator Fundamental Long Term Care ("Fundamental"), an operator of 104 facilities in nine states. The investment has an initial cash yield of 9.1%, a 2% fixed annual escalator and an initial lease term of ten years.
"Our investment strategy continues to produce quality opportunities, with the addition of this brand new, state-of-the-art SNF, which was brought to us by Fundamental and this represents our third transaction with Fundamental since the end of last summer," said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. "We have already closed $56 million of acquisitions in 2014 and we believe Fundamental will be a part of our growth story. We executed $241 million of investments in 2013, all with quality operators, real estate, markets and disciplined valuations. Our goal is to continue to source attractive, accretive investments with new and existing high-quality operators."
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 286 properties that are triple-net leased to 39 operators in 29 states.