Jan 5 2011
Cornerstone Real Estate Funds, and its strategic alliance partner and sub-advisor Servant Healthcare Investments, announced that the Cornerstone Healthcare Plus REIT has acquired Carriage Court of Hilliard - a 70,000 square foot assisted living and memory care facility located in Hilliard, OH. The $17.5 million property has a total of 102 units of which 64 are dedicated to assisted living and 38 are focused on memory care.
This transaction marks the second property acquisition between Cornerstone Healthcare Plus REIT and Good Neighbor Care - the manager and operator of the facility. Cornerstone Healthcare Plus REIT acquired an $8.5 million assisted living facility in Chattanooga, TN from Good Neighbor Care several months ago.
Terry Roussel, President and CEO of the Cornerstone Healthcare Plus REIT noted, "Being able to partner with the best operators and care providers is critical to success when investing in senior living real estate. I'm encouraged that this transaction, as well as our other transaction with Good Neighbor Care, is simply the start of a relationship that will continue well into the future and provide considerable value to the Cornerstone Healthcare Plus REIT and its shareholders."
Cornerstone Healthcare Plus REIT has expanded into three new states (Colorado, Ohio and Pennsylvania) in the month of December alone. This brings the total number of states represented in the Cornerstone Healthcare Plus portfolio to eight. The advisor, Cornerstone Real Estate Funds has been helping individuals and institutions invest in real estate for more than 20 years. Today, Cornerstone offers a variety of public and private real estate offerings for individuals and institutions.
Source:
Cornerstone Real Estate Funds
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