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SERVANT HEALTHCARE INVESTMENTS, LLC ANNOUNCES THE ACQUISITION OF AN ASSISTED LIVING COMMUNITY IN DALLAS, TEXAS
(ORLANDO, FL) January 26, 2009 –Servant Healthcare Investments, LLC ("Servant Healthcare") announced today the acquisition of Caruth Haven Court ("Caruth Haven"), a 91 unit, assisted living facility in the prestigious Park Cities area of northern Dallas, Texas. The property is the first acquisition in the Cornerstone Real Estate Funds'("Cornerstone") Growth & Income REIT and spotlights the strategic alliance that was formed between Cornerstone Real Estate Funds and Servant Healthcare, advisor to the REIT. The purchase price was $20.5 million.
Caruth Haven is located in a wealthy and densely populated area where average home prices exceed $1 million. This three-story, approximately 75,000 square foot, building is situated on 2.22 acres and contains 49 studio units, 40 one bedroom units and 2 combined units. The property features amenities such as elegant dining rooms, courtyards, comfortable lounges, activity rooms, a chapel, a beauty salon/barbershop and other common areas for the use and enjoyment of residents. A sample of services provided include 24-hour on site management, scheduled transportation, planned activities, emergency call system, housekeeping, total maintenance and varying degrees of assistance with daily living for the residents as needed.
12 Oaks Management Services Inc. ("12 Oaks"), an affiliate of the original developer and the previous owner/operator of the facility, will continue in the role of operator. Including Caruth Haven, 12 Oaks operates several other senior living communities in Texas.
Servant Healthcare is an Orlando based, real estate investment company created to invest in seniors housing and healthcare related real estate and operations. It is led by a team of industry veterans, with experience having previously built a portfolio consisting of over $3.5 billion in transactions encompassing approximately 275 assets. Servant Healthcare's core objective is to tailor a capital structure that complements the operating platform of developers and owner/ operators, recognizing that each is unique in its approach and service to the healthcare industry.
For nearly 20 years, Cornerstone Real Estate Funds has been helping individuals and institutions invest in real estate. The company prides itself on its impressive track record, experienced management team, successful joint ventures and its proprietary Market Driven Strategy™ - a top-down, research-driven approach that helps pinpoint ideal geographic locations for real estate investment. (www.CREfunds.com)
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