Aviv REIT, Inc. ("Aviv" or the "Company") announced today that it has acquired a post-acute and long-term care skilled nursing facility ("SNF") located in Wisconsin for $7.6 million. The property will be triple-net leased to NuCare Services Corporation ("NuCare"), a new tenant relationship for Aviv. NuCare is an operator of SNFs and senior housing communities in the United States, with 26 facilities located in 3 states. The triple-net lease has a 10-year term, an initial cash yield of 10.0 percent and an annual compounded escalator based on CPI. The transaction closed on October 31, 2012 and was funded with cash on hand.
"NuCare has over 30 years of experience operating SNFs and we are pleased to add another new relationship with a large and experienced, multi-state operator to the Aviv portfolio," said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. "With this transaction, we have closed on over $150 million of acquisitions year-to-date."
Aviv REIT, Inc., based in Chicago, is a privately-owned real estate investment trust that specializes in owning post-acute and long-term care SNFs 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 250 properties that are triple-net leased to 37 operators in 29 states.
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