Cornerstone Healthcare announces acquisition of Sunrise for $4.5 million

Cornerstone Real Estate Funds, and its strategic alliance partner and sub-advisor Servant Healthcare Investments, announced that Cornerstone Healthcare Plus REIT has acquired Sunrise at Floral Vale - a 36 unit/48 bed community specifically designed to meet the needs of memory impaired residents. Located in Yardley, PA, the property is a single structure, one-story building containing approximately 26,000 square feet. The property will be rebranded as River's Edge of Yardley. The contract price for the property is approximately for $4.5 million. As of November 24, 2010, the unit occupancy for the property was 100%.

“Given their focused market approach and strong feel for local market trends, we believe Woodbine Senior Living fits the profile of this transaction quite well. Woodbine offers particular expertise in taking challenged communities and positioning them as profitable and healthy assets.”