Heavenrich & Company Sells Illinois Assisted Living Facility to Cornerstone Core Properties REIT

July 9, 2013 – Heavenrich & Company announced that it sold Heritage Woods of Aledo, a 66-unit assisted living facility located in Aledo, IL to Cornerstone Core Properties REIT, Inc. for approximately $8.6 million. The facility has been triple-net leased to an affiliate of Meridian Senior Living, LLC, the new operator of the facility, pursuant to a 15-year term. Heavenrich represented the owners of the facility.

Meridian operates more than 100 facilities in 12 states, including one of the facilities Cornerstone Core Properties REIT closed earlier this year. “We are very pleased to add another property to our Meridian Senior Living portfolio,” said Kent Eikanas, President and Chief Operating Officer of Cornerstone Core Properties REIT.

The 66-unit assisted living facility was purpose built in 2006 and has enjoyed an occupancy rate at or above 95%. Heritage Woods of Aledo is licensed under the Illinois SLF program and is located in the quad cities bedroom community of Aledo, IL. The facility was sold on a trailing cap rate of 8.5%.

About Cornerstone Core Properties REIT

Cornerstone Core Properties REIT is a publicly registered non-traded REIT that invests in senior housing real estate nationwide. Since its start in 2006, Cornerstone Core Properties REIT has acquired 20 properties for a total purchase price of $194.2 million. Since 2011, six of those properties have been sold. The current portfolio includes seven multi-tenant industrial properties and seven long-term triple-net leased healthcare facilities. Cornerstone is based in Irvine, CA.

About Heavenrich & Company

Heavenrich & Company is a financial advisory firm serving independent, assisted living, Alzheimer and skilled nursing organizations. Since 1994, Heavenrich has advised public and privately held for-profit and non-profit senior living organizations in mergers, acquisitions and finance. Heavenrich & Company is based in Chicago, IL.