Opening of 2 Assisted Living Facilities
CHICAGO – November 30, 2012 – Aviv REIT, Inc. (“Aviv” or the “Company”) announced today the opening of two new assisted living facilities in Darien and Norwalk, Connecticut. The properties are triple-net leased to and operated by Maplewood Senior Living (“Maplewood”), an existing Aviv tenant relationship. Maplewood operates five assisted living and memory care facilities with 407 units in Connecticut.
The Darien property has 66 units and the Norwalk property has 84 units. The total cost of the two properties was approximately $32 million. The properties are triple-let leased with an initial lease term of 10 years.
“We are excited to expand our relationship with Maplewood with the addition of these brand new assisted living facilities,” said Craig M. Bernfield, Chairman and Chief Executive Officer of Aviv. “These properties are attractive investments because they are located in markets with strong wealth demographics and complement the other properties that Maplewood leases from Aviv.”
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.