Aviv REIT Inc. (Chicago) has acquired two assisted living facilities (ALF) and one post-acute and long-term care skilled nursing facility (SNF) for $82 million, and two parcels of land and the entitlements for the construction of two new ALFs and a 50-unit addition to one of the existing ALFs for $12.2 million—all of which are located in Massachusetts, for a total of $94.2 million.
The acquisition includes a 126-unit ALF and a 72-unit SNF in West Yarmouth, Mass., and a 93-unit ALF in Weston, Mass. The new construction projects include two ALFs in West Yarmouth and an ALF in Brewster, Mass.
The properties will be triple-net leased to existing Aviv operator Maplewood Senior Living (Westport, Conn.), an operator of twelve facilities in three states, all of which are triple-net leased from Aviv.
The total expected cost for the new construction projects is $69.7 million, inclusive of the $12.2 million paid for the land parcels and entitlements, with construction expected to take place from the end of 2014 to the end of 2016.
