IRVINE, CA—Cornerstone Core Properties REIT, Inc. (“Core REIT”) has funded an investment in a joint venture that acquired a 99-bed assisted living and memory care facility in Winston-Salem, NC in an $9.7 million transaction.
The facility has been leased to the current operator pursuant to a ten-year triple net lease. The operator has operated the facility since March 2011 and currently operates more than 91 facilities in 12 states.
“We are very pleased with the start of our relationship with this large, top-notch assisted living provider,” said Kent Eikanas, President and Chief Operating Officer of Cornerstone Core Properties REIT, Inc.
Through the joint venture entity, Cornerstone Healthcare Partners, LLC, Core REIT acquired a 95% interest in the Danby House facility while joint venture partner Cornerstone Healthcare Real Estate Fund, Inc. acquired the remaining 5% interest.