Cornerstone Healthcare Plus REIT announced last week that it has executed a definitive agreement to acquire Sunrise at Floral Vale in Yardley, Pennsylvania for $4.5 million. The 36 unit, 26,000 square foot community will be rebranded as River’s Edge of Yardley and continue to meet the needs of memory impaired residents. The acquisition of the property is expected to be completed in December and will be managed by Woodbine Senior Living, LLC. The property, which was built in 1996, was at 100% occupancy at the time of the announcement of the transaction.
“Given their focused market approach and strong feel for local market trends, we believe Woodbine Senior Living, LLC fits the profile of this transaction quite well. Woodbine Senior Living, LLC offers particular expertise in taking challenged communities and positioning them as profitable and healthy assets,” said Servant Healthcare Investments CEO John Mark Ramsey in a statement.