Aviv REIT closes USD13m acquisition
Aviv REIT has acquired three assisted living facilities (ALFs) in Florida for USD13m.
The properties are triple-net leased to new Aviv operator Better Senior Living Consulting, which operates nine facilities in Florida.
The triple-net lease has an initial cash yield of 10 per cent, initial lease term of 10 years and annual compounded escalators based on CPI.
"We are pleased to add another new operator relationship and to further diversify our portfolio by opportunistically adding three assisted living facilities," says Craig M Bernfield, chairman and chief executive officer of Aviv. "Better Senior Living was referred to us by one of our existing operator relationships, and Better Senior Living sourced the deal and brought it to us. Our strong relationships with our operators continue to provide us with attractive acquisition opportunities to grow the company and diversify the portfolio. We have now completed USD106m of investments in 2013."