CORNERSTONE ACQUIRES 99-BED ASSISTED LIVING FACILITY

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WINSTON, SALEM, N.C. — As part of a joint venture, Cornerstone Core Properties REIT has acquired a 99-bed assisted living and memory care facility in Winston-Salem for $9.7 million. The Danby House facility has been leased to the current operator, which signed a 10-year lease. The operator currently manages more than 91 facilities in 12 states. Cornerstone Healthcare Partners LLC acquired a 95 percent interest in the facility, while Cornerstone Healthcare Real Estate Fund Inc. acquired the remaining 5 percent interest.

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