Juniper Communities recently announced the acquisition of two Lancaster, Pa.-area senior living campuses for $18.5 million from the Bricker Group.
The two purpose-built communities were formerly known as Hearthstone Manor, but will be renamed Juniper Village at Lebanon and Juniper Village at Mount Joy. The Lebanon property includes two separately-licensed personal care homes.
The communities have a total of 184 units, 144 of which are licensed for assisted living. The remaining 40 are independent living units.
“These communities add substantial unit growth to our company in one of our four existing regions,” said Lynne Katzmann, founder and CEO of Juniper Communities. “We look forward to introducing our signature programming to the communities including our nationally acclaimed Wellspring memory care program. Also, Juniper will introduce its all rental model that will be extremely competitive in this area which is currently dominated by strong entry fee model communities.”
Late last year, LTC Properties Inc. (NYSE:LTC) acquired six Juniper communities in a $94 million deal that provided the New Jersey-based company with capital for further growth. Juniper expects to acquire an additional three properties in the first quarter of this year to expand its operating portfolio to 21.
Written by Alyssa Gerace