California-based investment fund acquires Texas rehab facility
Cornerstone Healthcare Plus REIT, an Irvine, Calif.-based real estate investment fund, has closed a $14.75 million deal for a 42-bed inpatient rehabilitation facility in Dallas.
The 40,000-square-foot property is under a long-term lease to GlobalRehab, a physician-run inpatient rehabilitation facility operator that oversees IRF facilities throughout Texas.
Cornerstone Healthcare Plus REIT is operated by Cornerstone Real Estate Funds and its strategic partner and sub-advisor Servant Healthcare Investments.
According to Servant Healthcare CEO John Mark Ramsey, the IRF acquisition anticipates the future of healthcare in the United States, as providers will increasingly treat health conditions associated with aging, which will increase the demand for rehabilitative therapy.
“Older patients are no longer content to suffer reduced activity following an illness,” Ramsey said. “They want to return to a more active and productive life as quickly as possible. IRFs have been shown to be a cost-effective treatment that helps to lower the future cost of care by speeding recovery and delivering rehab services in an efficient environment.”
Ramsey also noted that advanced surgical and treatment technology is opening up new opportunities to treat conditions that will require inpatient rehabilitation stays and produce improved outcomes.
