AVIV acquires LTC properties in Texas and Minnesota
Aviv REIT Inc. has bought a skilled nursing facility, assisted living facility, independent living facility in Minnesota and a skilled nursing facility in Texas in two transactions for $43.4 million.
The Minnesota campus is triple-net leased to new Aviv operator Mission Health Communities, which operates 15 facilities in four states; and the SNF in Texas is triple-net leased to Trinity Healthcare, an Aviv operator with four facilities in Texas.
“This is our fourth acquisition with Trinity in the past year and we expect to continue to grow our relationship with them,” said Craig M. Bernfield, Chairman and CEO of Aviv. "The Mission acquisition was brought exclusively to us as Mission was looking for a relationship-oriented capital partner to help them grow. Aviv diversified its portfolio by adding another experienced, multi-state operator and further diversified its portfolio by expanding its presence in Minnesota.”