CHICAGO, Dec. 18, 2014 /PRNewswire/ -- Aviv REIT, Inc.
("Aviv" or the "Company") (NYSE: AVIV) announced today that it
acquired 28 properties (plus an office building) for $305 million from Diamond
Senior Living, LLC, a subsidiary of General Electric Credit
Corporation of Tennessee (itself a
subsidiary of General Electric Capital Corporation). All of
the 28 properties are currently triple-net leased to new Aviv
operator Laurel Health Care ("Laurel") at an initial cash yield of
8.5%, for a remaining term of 15 years. Laurel is
headquartered in Westerville, Ohio
and has been in the business of operating skilled nursing
facilities ("SNFs") and other healthcare facilities for over 20
years. Laurel operates 42 facilities in five states, 28 of
which Laurel will now lease from Aviv.
About Aviv
Aviv REIT, Inc., based in Chicago, is a 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
345 properties that are triple-net leased to 38 operators in 30
states.
For more information about the Company, please visit our website
at www.avivreit.com or contact: Craig M.
Bernfield, Chairman & Chief Executive Officer at
312-855-0930.
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SOURCE Aviv REIT, Inc.