Irvine, CA, May 08, 2010 --(PR.com
)-- Cornerstone Real Estate Funds, and its strategic alliance partner and sub-advisor Servant Healthcare Investments, announced today that the Cornerstone Healthcare Plus REIT has acquired an 80% interest in a joint venture entity that will own two assisted living facilities. The properties together have a total of 180 units, of which 132 are dedicated to assisted living and 48 are committed to memory care.
Royal Senior Care, LLC, who currently owns both properties, is the other joint venture partner in the $27.0 million transaction. Royal Senior Care specializes in the acquisition, development and management of senior housing communities, primarily in the southeastern United States. Based out of Miami, FL, Royal Senior Care owns and operates 15 independent living and assisted living facilities with approximately 1,650 units (2,000 units including planned developments) in Florida, South Carolina and Georgia.
The first property, Oakleaf Village at Greenville is a 60,000 square foot facility that contains 66 assisted living units and 24 memory care units. It is located conveniently less than one mile from Interstate-85 which provides easy access throughout the region. The property is also located about 5 miles away from St. Francis Eastside Hospital.
The second property, Oakleaf Village at Lexington, is a 68,000 square foot facility that also contains 66 assisted living facilities and 24 memory care units. This property is strategically located near numerous roadways such as Interstate-20, Route 378 and Route 1 allowing for easy access throughout the area. The property is only 1.3 miles away from LMC Lexington, a community care center offering an array of medical services ranging from urgent care to outpatient surgery. Lexington Medical Center, a 384-bed metropolitan medical complex, is located only 7 miles away.
This material does not constitute an offer to sell or a solicitation of an offer to buy Cornerstone Healthcare Plus REIT. An offer can only be made by a prospectus that contains more complete information on risks, management fees and other expenses. There is no guarantee that any real estate strategy will be successful. Past performance does not guarantee future results. Investors in a real estate investment fund will be subjected to risks associated with owning real estate including: economic and regulatory changes that impact the real estate market, lease terminations which reduce rental income, rising expenses, environmental claims, uninsured losses, potential loss of principal and the relative illiquidity of equity real estate investments. Investments are not bank guaranteed, not FDIC insured and may lose value. 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. CVI is not affiliated with Royal Senior Care LLC, the properties involved in the acquisition or the hospitals/community care center mentioned above.
This material must be preceded or accompanied by a prospectus in order to fully understand all of the implications and risks of the offering. 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. Securities offered through Pacific Cornerstone Capital, Inc. Member FINRA and SIPC. CL0191 04/10