Aviv REIT Closes $305 Million Acquisition

CHICAGO—Aviv REIT, Inc., a Chicago-based trust focused on healthcare properties, has just closed on the acquisition of 28 healthcare properties for $305 million from Diamond Senior Living, LLC, a subsidiary of General Electric Credit Corp. of Tennessee. The acquisition includes 23 skilled nursing facilities, four assisted living facilities, one independent living facility and one office building, located in Michigan, Ohio, North Carolina, Virginia and Indiana. Laurel Health Care, a Westerville, OH-based operator, runs all of the facilities under triple net leases at an initial cash yield of 8.5% with 15 years remaining.  

“It is the single biggest acquisition we have made in more than 30 years as investors in the SNF industry,” says Craig M. Bernfield, Aviv’s chairman and chief executive officer. “We have renewed our long standing relationship with GE as a strategic seller and lender in this transaction, as GE is one of the most important players in our industry as an owner and lender to the sector.”