Cornerstone Growth & Income REIT, Inc. recently announced that it finalized the purchase of a 91 unit, assisted living facility near the Highland Park area of northern Dallas, Texas. The property marks the first acquisition in the REIT and spotlights the strategic alliance that was formed between Cornerstone Real Estate Funds and Servant Healthcare investments. Cornerstone purchased the75,000 square foot property on 2.2 acres for $20.5 million. The property has 49 studio units, 40 one-bedroom units and 2 combined units that supply a wide range of resident needs.
For the full press release and pictures of the facility, click here.