Health care living facilities operator Juniper Communities LLC, in Bloomfield, announced Thursday the sale of a seven-property, 410-unit senior housing portfolio for $106.5 million to expand in the assisted-living sector as demand from aging baby boomers for long-term care continues to grow.
The properties — which are now owned by New York-based health care real estate investor Care Investment Trust Inc. and managed by a Juniper affiliate — are located in New Jersey, Pennsylvania and Colorado, and are 94 percent leased as of August.
“The impact that aging baby boomers will have on the industry will be more pressure on growth to meet needs, and to deliver services in new and improved ways both environmentally and programmatically,” Lynne S. Katzmann, president and CEO of Juniper, said in a statement. “Entering into this financial partnership with Care assists us in keeping pace with the future of our industry.”
With the cash influx from the transaction, Juniper is looking to buy more senior housing properties to expand its stake in the sector.
The transaction is expected to close in the fourth quarter of 2012, though the purchase agreement is still subject to customary closing conditions.
Juniper is currently the owner and operator of 15 long-term assisted living, memory care and skilled nursing facilities in New Jersey, Pennsylvania, Colorado and Florida.