Acquisition with Safe Haven
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 Idaho for $6.0 million. The property will be triple-net leased to Safe Haven Health Care ("Safe Haven"), an existing tenant since 2008. Safe Haven is an operator of SNFs and assisted living facilities ("ALFs") in Idaho, with 12 facilities, 2 of which are now leased from Aviv. The triple-net lease has a 7 year term, an initial cash yield of 11 percent and annual compounded escalators of 2 percent. The transaction closed on August 31st and was funded with cash on hand.
"We are excited to add another property to our relationship with Safe Haven," said Craig M. Bernfield, Chairman, Chief Executive Officer and President of Aviv. "Our pipeline remains active and we continue to source a significant amount of investment opportunities from existing tenant relationships."
SOURCE Aviv REIT, Inc.