Cornerstone Healthcare Plus REIT Acquires $27.0
Million Senior Living Portfolio
May 27, 2010 03:45 PM Eastern Daylight Time
IRVINE, Calif.--(EON: Enhanced Online News)--Cornerstone Real Estate Funds and its strategic alliance partner
and sub-advisor Servant Healthcare Investments, announced 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 are located
in Lexington, SC, and Greer, SC, and 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 located in Greer, SC. It 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 located in Lexington, SC. It 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 surger