Attached files
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| 8-K - Sentio Healthcare Properties Inc | v206622_8k.htm |
Exhibit
99.1
Cornerstone
Healthcare Plus REIT Acquires Memory Care
Facility
in Yardley, PA for $4.5 Million
(Irvine,
CA) December 27, 2010 -
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%.
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The
property will be managed by Woodbine Senior Living.
Woodbine Senior Living is a regionally focused manager with properties under management in New Hampshire, New York, Pennsylvania, Maryland, Virginia and Florida. Servant Healthcare Investments CEO John Mark Ramsey commented, “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.”
challenged communities and positioning them as profitable and healthy assets.”
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Cornerstone
Real Estate Funds has been helping individuals
and
institutions invest
in real estate for more than 20 years in
both
good and bad economic conditions. The company prides
itself
on its impressive track record, 8 full-cycle programs,
experienced
management team and successful joint ventures.
Today,
Cornerstone offers a variety of public and private real
estate
offerings for individuals and institutions. For more
information,
please visit www.CREfunds.com.
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Contact
Information:
Chris
Marr
Cornerstone
Real Estate Funds
949-812-4418
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.
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 facility
mentioned above. Securities are
offered through Pacific Cornerstone Capital, Inc. Member FINRA and SIPC.
CL0237_11/2010