Completion of 3 Renovation Projects in WA
CHICAGO - November 28, 2012 - Aviv REIT, Inc. ("Aviv" or the "Company") announced today the completion of three major renovation projects in Washington for a total cost of $17.9 million. The properties are triple-net leased to and operated by Prestige Care, Inc. ("Prestige"), one of the largest multi-state operators of skilled nursing facilities ("SNFs") and assisted living facilities ("ALFs") in the United States. Prestige operates 70 facilities located in 8 states. The properties are triple-net leased to Prestige for an initial lease term of 5 years.
The three properties are located in Clarkston, Camas and Sunnyside, WA. All of the properties underwent significant interior and exterior renovations including the construction of new therapy gyms. The total cost of the Clarkston, Camas and Sunnyside projects were $5.4 million, $6.2 million and $6.3 million, respectively.
"We collaborated with our operator to create state-of-the-art facilities that were designed to take advantage of the post-acute opportunities in the markets," said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. "The relationship with our operator was integral to the success of the projects."
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 251 properties that are triple-net leased to 38 operators in 29 states.
For more information, please contact: David J. Smith, Managing Director, Investor Relations & Capital Markets at 312-855-0930.