NEW YORK, April 24, 2017 (GLOBE NEWSWIRE) -- Greystone Real Estate Advisors announced it closed the sale of a Class A assisted living and memory care community in Forney, TX. Cornerstone Senior Living purchased Three Forks of Forney from Healthcap Partners on March 17 for $12,500,000. Cody Tremper and Mike Garbers of Greystone represented the seller in the transaction. Greystone will continue to work with Healthcap Partners to list their second senior living asset in north Houston.
Three Forks of Forney, a 60-unit, 72-bed assisted living and memory care community, is located 20 miles east of downtown Dallas. The 46,959 square foot building was constructed in 2013 and sits on 13 acres of land. The site offers the opportunity to expand the community with additional wings of resident units to meet local demand, with Forney expected to see significant job and population growth over the next few years due to new area development. The community’s primary market area is marked by higher-than-average income levels, and the 65+ population is forecast to increase 7.7% per year through 2021, far outpacing the forecasted increases nationwide.
“We are excited to continue our growth through another strategic acquisition in Texas. This is the eighth facility we have acquired in the last 18 months. Our commitment to our residents and employees will continue to position us as a leader in the senior living industry,” said Greg Boemer, Cornerstone Senior Living President.
The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, assisted living, memory care, and skilled nursing facilities.
About Greystone Real Estate Advisors, Inc.
Greystone Real Estate Advisors, Inc. provides services in sales and acquisitions of seniors housing property types including independent living, assisted living, memory care and skilled nursing as well as affordable and multifamily properties. The team offers a full spectrum of advisory services including debt, equity, acquisition, and investment sales to funds, private equity groups, regional and national operators, not-for-profit owners and healthcare REITs.
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA and Fannie Mae lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.
PRESS CONTACT: Karen Marotta Greystone 212-896-9149 Karen.Marotta@Greyco.com