Cornerstone acquires Terrace at Mountain Creek to provide memory care services

Cornerstone Real Estate Funds, and its strategic alliance partner and sub-advisor Servant Healthcare Investments, announced that the Cornerstone Healthcare Plus REIT has acquired Terrace at Mountain Creek - a senior living facility that provides independent and assisted living as well as memory care services. The property is a 110,000 square foot facility located in Chattanooga, TN and was acquired for $8.5 million. Terrace at Mountain Creek has 116 units - 42 independent living, 61 assisted living and 13 memory care. As of June, 25, 2010, the property was 96.6% occupied. Click here to view pictures of the property.

“We're excited to be aligned with Good Neighbor Care on this acquisition. They have a tremendous reputation as a top-tier operator in the senior living space. Their track record not only includes outstanding quality of care but also above-average facility occupancy and financial results.”

The property will continue to be managed by the current operator, Good Neighbor Care, a subsidiary of Wilkinson, Corp. Good Neighbor Care is considered one of the larger senior housing operators in the country and has managed two other senior living facilities in Tennessee. Servant Healthcare CEO John Mark Ramsey commented, "We're excited to be aligned with Good Neighbor Care on this acquisition. They have a tremendous reputation as a top-tier operator in the senior living space. Their track record not only includes outstanding quality of care but also above-average facility occupancy and financial results."