Aviv Reit opens two new assisted living facilities
Aviv Reit has opened two new assisted living facilities in Darien and Norwalk, Connecticut.
The properties are triple-net leased to and operated by Maplewood Senior Living, an existing Aviv tenant relationship.
Maplewood operates five assisted living and memory care facilities with 407 units in Connecticut.
The Darien property has 66 units and the Norwalk property has 84 units. The total cost of the two properties was approximately USD32m. The properties are triple-let leased with an initial lease term of 10 years.
"We are excited to expand our relationship with Maplewood with the addition of these brand new assisted living facilities," says Craig M. Bernfield, chairman and chief executive officer of Aviv. "These properties are attractive investments because they are located in markets with strong wealth demographics and complement the other properties that Maplewood leases from Aviv."