Cornerstone Healthcare Plus REIT acquires $14.75M inpatient rehabilitation facility in Dallas

Aug 26 2010

Cornerstone Real Estate Funds, and its strategic alliance partner and sub-advisor Servant Healthcare Investments, announced that the Cornerstone Healthcare Plus REIT has acquired an inpatient rehabilitation facility (IRF) for a purchase price of $14,750,000. The 42-bed, 40,000 square foot property is located in Dallas, Texas and is leased under a long-term lease to GlobalRehab LP.

IRFs treat patients that are recovering from significant injuries or are suffering from chronic conditions that have impaired their physical functioning. They employ a multi-disciplinary approach, combining the physician, occupational and speech therapy as well as social services and around-the-clock nursing care.

According to Servant Healthcare CEO John Mark Ramsey, "Over the next couple decades, health care providers will increasingly treat health conditions associated with aging - such as strokes, heart attacks, neurological disorders and diseases and injuries to the muscles, bones, and joints - which will increase the demand for rehabilitative therapy. Older patients are no longer content to suffer reduced activity following an illness. 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. Additionally, surgical and treatment technology is opening up new and more opportunities to treat conditions that will require inpatient rehabilitation stays and produce improved outcomes."

GlobalRehab is a physician-run IRF operator that oversees IRF facilities throughout Texas. The company's vision is to provide comprehensive post-acute services that encompass a total approach that includes physical, cognitive, emotional and even spiritual therapies. Their patient-centric approach includes an interdisciplinary team of clinicians who create individualized care plans that utilize progressive procedures and breakthrough technologies to attempt to achieve the highest level of successful patient outcomes possible.