Cornerstone Healthcare Plus REIT has acquired Forest Manor, a stabilized 69-unit assisted living and dementia care facility in Meredith, N.H. for $10.75 million. The REIT is part of Irvine, Calif.-based Cornerstone Real Estate Funds.
Woodbine Senior Living, based in Sykesville, Md., will operate the facility. Woodbine is a regionally focused operator with properties under management in New Hampshire, New York, Pennsylvania and Virginia and has 30 years of experience in the seniors housing industry.
Woodbine also operates Floral Vale, an assisted living community in Yardley, Pa., recently acquired by Cornerstone Healthcare Plus REIT.
“Given their focused market approach and familiarity with New Hampshire, we believe Woodbine matches the profile of this facility quite well,” says John Mark Ramsey, CEO of Orlando, Fla.-based Servant Healthcare Investments, an advisor to Cornerstone Real Estate Funds.
This new acquisition represents Cornerstone Healthcare Plus REIT’s latest expansion into the Northeast. The acquisition brings the total number of states represented in the REIT’s portfolio to ten.