Aviv REIT acquires skilled nursing facility for USD16m
Aviv REIT has acquired a post-acute and long-term care skilled nursing facility (SNF) in Houston, Texas for USD15.9m.
The SNF, which was built in 2013, is triple-net leased to existing Aviv operator Fundamental Long Term Care, an operator of 104 facilities in nine states.
The investment has an initial cash yield of 9.1 per cent, a two per cent 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," says Craig M Bernfield, chairman and chief executive officer of Aviv. "We have already closed USD56m of acquisitions in 2014 and we believe Fundamental will be a part of our growth story. We executed USD241m 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."
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