Juniper Communities Purchases Brookline Village, Increases Portfolio Size 25%
$35,500,000 Establishes Juniper as Leader in PA Senior Living Market
BLOOMFIELD, N.J. & STATE COLLEGE, Pa.--(BUSINESS WIRE)--Juniper Communities announces today that as of close of business yesterday, July 9, 2014 it has acquired Brookline Village in State College, PA for a cost of $35,500,000. The Brookline property covers a full spectrum of retirement and senior healthcare living options. The acquisition will increase Juniper’s size and resident capacity by 25%.
“This property and its outstanding reputation for excellence will greatly enhance Juniper’s overall portfolio mix and strength of offerings in the region, making it a very attractive investment.”
Juniper Communities purchased Brookline Village using cash from its balance sheet and debt from a local bank.
“At Juniper, we are committed to a double bottom line, one of strong financial performance coupled with providing superior quality of care and service in our residences,” said Lynne Katzmann, Founder and CEO. “This property and its outstanding reputation for excellence will greatly enhance Juniper’s overall portfolio mix and strength of offerings in the region, making it a very attractive investment.”
The Brookline property consists of five buildings with a total of 274 units: 116 skilled nursing/rehabilitation, 38 memory care, 87 personal care, and 33 independent living.
The expansive main campus is comprised of independent living apartments, two personal care communities, and a skilled nursing/rehabilitation and long-term care facility. A short distance from the main campus is a free-standing, purpose-built memory care community.
Juniper Communities is a privately held New Jersey-based company that owns and operates assisted living, personal care, memory care, independent living, and skilled nursing facilities. It is ranked one of the largest providers by most industry sources with 2013 revenues at $62 million, concentrating its operations in Pennsylvania, New Jersey, Florida, and Colorado.
“The Brookline property has been a labor of love for the Coldren family for two generations. The campus and all of the community’s buildings are in impeccable condition,” Katzmann said in describing the transaction. “Some minor updating may be needed, but more importantly, we look forward to implementing our signature programming across the campus.”
Juniper’s signature programming includes an award-winning dementia care program known as Wellspring Memory Care, a comprehensive electronic health records system, an integrated connections and activities program referred to as Alive in All Seasons, plus others. All are designed to foster the Juniper mission of nurturing the spirit of life in each individual served.
According to Katzmann, Juniper looks forward to partnering with the local providers and businesses in the area to help maintain their high standards for innovation, cost-effectiveness and quality operations. This is the seventh campus of senior living properties Juniper holds in Pennsylvania.
Juniper Village at Brookline, as the campus will be named, has held a reputation for excellence over the last 50 years that Juniper will maintain. Located in the serene valleys of Mt. Nittany in picturesque Central Pennsylvania, Juniper will continue to support the caring and professional staff who are dedicated to ensuring security, care and compassion, peace of mind and comfort for the individuals who call the community, home.
Juniper Communities is headquartered at 400 Broadacres Drive, Bloomfield, NJ 07003
Brookline is located at 1950 Cliffside Drive, State College, PA 16801
About Juniper Communities, LLC.
Juniper Communities, founded in 1988 operates long-term care communities in NJ, FL, PA and CO. Juniper is dedicated to Nurturing the Spirit of Life in each individual served and believes the keys to healthy aging are an active body, an engaged mind, and a fulfilled spirit. The company’s mission is to serve its stakeholders, residents, families, employee associates, and investors with excellence and strong dedication to the company’s hallmarks of quality, value and innovation. For more information on Juniper call 973.661.8300 or visit www.junipercommunities.com.