Bloomfield, NJ-based Juniper Communities paid $13.65 million to acquire Wood River Village in Bensalem, PA, on Nov. 30, financing the entire purchase with cash from its balance sheet. The company calls the deal one of its “most notable” to date.
Juniper plans to refinance the 357,350-square-foot continuing care retirement / life plan community, to be renamed Juniper Village at Bucks County, with bank debt later. The company said it expects to spend an additional $9.5 million in renovations over the next year to two years. The community was built in 1981.
The CCRC, situated on 20.5 acres about 20 miles northeast of downtown Philadelphia, has 13 interconnected buildings and will add 279 independent living apartments, 60 licensed personal care beds, and 17 licensed skilled nursing beds to Juniper’s portfolio, bringing its total unit holdings to 1,794. The skilled nursing facility has a five-star rating from the Centers for Medicare & Medicaid Services.
Juniper signed a letter of intent to acquire the property earlier this year. The company’s holdings in senior living now total 21 buildings, most of which are in Pennsylvania.
“Expanding our presence in the Pennsylvania market enables Juniper to consolidate market share and pilot additional ancillary services within a concentrated hub,” said Lynne S. Katzmann, the company’s founder and CEO.
Juniper looks for properties that perform well financially and provide good quality of life to residents, Katzmann said. “The financial profile of this large-scale community lends itself well to Juniper’s model of increasing value through operational improvements and quality of life for the residents,” she said.
The privately held Juniper ranks among the 40 largest senior living companies in the country.