CHICAGO—Aviv REIT, Inc., a Chicago-based trustfocused on healthcare properties, has just closed on theacquisition of 28 healthcare properties for $305 million fromDiamond Senior Living, LLC, a subsidiary ofGeneral Electric Credit Corp. of Tennessee. Theacquisition includes 23 skilled nursing facilities, four assistedliving facilities, one independent living facility and one officebuilding, located in Michigan, Ohio, North Carolina, Virginia andIndiana. Laurel Health Care, a Westerville,OH-based operator, runs all of the facilities under triple netleases at an initial cash yield of 8.5% with 15 years remaining.

"It is the single biggest acquisition we have made in more than30 years as investors in the SNF industry,” says Craig M.Bernfield, Aviv's chairman and chief executive officer.“We have renewed our long standing relationship with GE as astrategic seller and lender in this transaction, as GE is one ofthe most important players in our industry as an owner and lenderto the sector.”

The purchases will help wrap up what has been an active year forAviv. The company, which conducted a $304 million IPO in 2013, started the year offstrong by acquiring nine post-acute and long-term care skillednursing facilities in Kentucky and Iowa in twoseparate transactions for $48.5 million. A few months later,it refinanced an existing $400 million secured revolvingcredit facility with a new $600 million unsecuredrevolving credit facility. Over the summer, Aviv acquired two assisted living facilities andone post-acute and long-term care skilled nursing facility as wellas some additional land for a total purchase price of $94.2million.