CHICAGO-Locally-based Avin REIT Inc. reports it has acquired four health care properties in Ohio and Indiana for $44.9 million.

The firm states that the first three properties are located on a campus in Ohio that includes an assisted living facility, a post-acute and long-term care skilled nursing facility, and a long-term acute care hospital, plus the right to build a new long-term acute hospital. The assisted living facility is triple-net leased to existing Aviv operator Maplewood Senior Living. The skilled nursing facility and long-term acute hospital are triple-net leased to new Aviv operator Cardinal Care Management.

The fourth property acquired by Avin is a specialty hospital in Indiana that is triple net leased to existing Avin operator Physician's Hospital.

The company reports the investments have blended initial cash yield of 9.4%.

"As we expected, we have continued to close acquisitions throughout the fourth quarter and we still expect to close additional acquisitions before the end of the year. The substantial majority of our acquisitions this year have been skill nursing facilities, but we continue to make strategic investments in other complementary healthcare properties such as the Maplewood, Cardinal and Physician's acquisitions," states Craig M. Bernfield, chairman and CEO of Aviv.

He adds that Maplewood Senior Living has become a strategic relationship for the firm with investments in strong, wealth demographic markets like Fairfield County, CT. “The Maplewood investments have created substantial value for our portfolio. The decision to acquire the Ohio campus was strategically designed to diversify Maplewood into another strong geographic region which we hope to develop over the next few years," he states.

Avin currently owns 278 properties that are triple-net leased to 38 operators in 29 states.