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SERVANT HEALTHCARE INVESTMENTS ANNOUNCES THE CLOSING OF AN ASSISTED LIVING/MEMORY CARE FACILITY IN BRADENTON, FLORIDA
(ORLANDO, FL) May 1, 2009 –Servant Healthcare Investments, LLC ("Servant Healthcare") announced today the closing of Windsor Oaks, a 36 unit, assisted living and memory care facility in the Bradenton, Florida. The property is the second 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 $4.5 million.
Windsor Oaks consists of two adjacent single-story buildings, each containing approximately 8,800 square feet. They are situated on approximately two acres of land with room for an approximate 10 unit expansion. The facility was built in 1996 with major renovations completed in 2003. Of the 36 units, 18 are devoted to assisted living, while the other half are designated as memory care units. As of this writing, Windsor Oaks is 100% occupied with average annual occupancy of about 94% since January 2006, according to the facility's historical census.
The city of Bradenton is a popular retirement destinations where 30% of residents are age 60 or older. The property is located 1.4 miles from Blake Medical Center which has been recognized nine times on Solucient's top 100 hospitals in America list.
Windsor Oaks is situated on a well-landscaped lot with mature oak trees. Some of the amenities include a dining room and living room with front porches and screened back porches. The Memory Care building contains a country kitchen, a beauty salon, and an enclosed courtyard. All units feature a private bathroom and shower, two closets, emergency pulls in the bathroom and shower. Services provided include up to three meals a day, plus snacks, weekly housekeeping and linen service and 24 hour staffing. Windsor Oaks offers five different levels of care depending on the resident's needs.
Kansas-based Legend Senior Living ("Legend") is the manager of the project. Legend is a privately held company that owns and operates independent and assisted living facilities in Kansas, Oklahoma, and Florida.
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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