Attached files
| file | filename |
|---|---|
| 8-K - Sentio Healthcare Properties Inc | v206772_8k.htm |
Exhibit
99.1
Cornerstone
Healthcare Plus REIT
Acquires
Ohio Assisted Living/Memory Care Facility For $17.5 Million
(Irvine,
CA) December 29, 2010 -
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. For more information, please visit www.CREfunds.com.
Contact
Information:
Chris
Marr
Cornerstone
Real Estate Funds
949-812-4418
This
release contains forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Such statements involve risk and uncertainties which could cause actual
results to vary materially from those expressed in or indicated by the
forward-looking statements. Factors that may cause actual results to differ
materially include changes in general economic conditions, changes in real
estate conditions, changes in interest rates, lease-up risks, lack of financing
availability and lack of capital proceeds.
Cornerstone
Real Estate Funds is the brand/logo associated with Cornerstone Ventures, Inc.
(CVI). CVI is the sponsor and advisor of real estate investment funds that are
distributed by Pacific Cornerstone Capital, Inc. Servant Investments
and Servant Healthcare Investments are real estate companies that act as
sub-advisors to certain real estate offerings sponsored by CVI. CVI has no
affiliation with the facilities mentioned above. Securities are offered through
Pacific Cornerstone Capital, Inc. Member FINRA and
SIPC.
CL0215_08/2010