Senior Housing Investments & Acquisitions: Aviv REIT, NHI, Greystone

Aviv REIT Acquires Kentucky Skilled Nursing Facility for $6 Million 

Aviv REIT, Inc. (NYSE: AVIV) announced June 2 the acquisition of a Kentucky-based post-acute and long-term care skilled nursing facility for $6 million. 

The SNF is triple-net leased to existing Aviv operator Diversicare Healthcare Services, an operator of 49 facilities in 9 states. The acquisition offers an initial cash yield of 9.8%, CPI-based annual escalators and an initial lease term of 14 years. 

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Aviv Chairman and CEO Craig M. Bernfield stated in a release that the investment represents the REIT’s ninth acquisition in 2014, making Aviv’s year-to-date investments $195 million. 

Ensign Group Acquires 4 Skilled Nursing Facilities in Wisconsin, Colorado and Washington

The Ensign Group, Inc. (Nasdaq: ENSG) announced June 3 its acquisition of four skilled nursing facilities located in Colorado, Washington and Wisconsin. 

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The company acquired Englewood Post-Acute and Rehabilitation, an 82-bed skilled nursing facility in Englewood, Colo.; Rainier Rehabilitation, a 117-bed skilled nursing facility in Puyallup, Wash.; Pine Manor Healthcare Center, a 95-bed skilled nursing facility in Clintonville, Wis.; and Greentree Health & Rehabilitation Center, a 60-bed skilled nursing facility also in Clintonville, Wis. 

These acquisitions bring Ensign’s growing portfolio to 126 health care facilities, eight hospice companies, 10 home health agencies and 11 urgent care clinics across 12 states. 

Ensign is operating Englewood and Rainier under a long-term master lease arrangement. At acquisition, the combined occupancy rate for these two facilities was approximately 71%, and together they are expected to be mildly accretive to earnings in 2014. The Wisconsin purchases were made with cash and Ensign will retain ownership of the real estate for both facilities.

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The company did not disclose the purchase price. 

NHI Acquires 56-Unit Assisted Living Community

National Health Investors (NYSE: NHI) announced June 2 the $11.5 million acquisition of a 56-unit assisted living community specializing in memory care services in Sacramento, Calif. 

The community is private-pay, is 94% occupied and has a monthly revenue per resident of $7,300. 

A subsidiary of Chancellor Health Care, LLC will lease and operate the community for an initial 15-year term with two renewal options for 10 years each. The initial lease rate is 8% plus fixed annual escalators.

Senior Living Complexes Sold for $51.1 Million 

Veranda Park and Anna Maria Creekside retirement complexes sold in late-May to McMinnville, Oregon-based The Springs Living LLC, a company that owns and operates eight similar-sized retirement communities in the Salem and Portland metropolitan areas.

Recorded deeds show Veranda Park, on Thrasher Lane off East McAndrews Road, sold for $31.1 million. The complex encompasses 113 apartments and 28 cottages. Anna Maria Creekside, a 102-apartment complex, sold for $20 million, records show. 

Management of the properties will turn over July 1, according to Springs Living owner and founder Fee Stubblefield. 

Greystone Acquires Wuesthoff Progressive Care Center in Viera, Florida

Greystone Healthcare Management Corp., manager of health care facilities and home health agencies in Florida and Ohio, announced June 2 the acquisition of Viera, Florida-based Wuesthoff Progressive Care Center. The 114-bed, 51,000-square-foot skilled nursing facility has been renamed Viera Health and Rehabilitation Center.

The community, which serves Melbourne, Fla., and the surrounding areas, provides sub-acute care and extensive rehabilitation as well as skilled nursing care in short- and long-term settings. 

The company did not disclose the purchase price. 

Papkes sell MeadowLands facility to Shawano group

Bob and Amber Papke have sold The MeadowLands Assisted Living Facility in Oconto Falls, Wis., to the Cottages Investment Group LLC of Shawano, Wis. 

The investment group plans to operate the 24-unit facility under the new name The Cottages at MeadowLands.

The purchase price was not disclosed. 

Written by Emily Study

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