Hearthstone senior communities sold for $18.5 million
Hearthstone Manor senior communities in South Lebanon Township and Mount Joy have been sold to New Jersey-based Juniper Communities for $18.5 million.
The communities, previously owned by the Bricker Group, will be renamed Juniper Village at Lebanon and Juniper Village at Mt. Joy. The communities total 184 units, of which 144 are licensed personal care, otherwise known as assisted living units, and 40 are independent living units.
"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," Juniper Communities founder and CEO Lynne Katzmann said in a news release.
"These communities add substantial unit growth to our company in one of our four existing regions," Katzmann said. "We look forward to introducing our signature programming to the communities including our nationally acclaimed Wellspring memory care program."
Established in 1988, Juniper owns and operates 18 assisted living, memory care and skilled nursing homes in New Jersey, Florida, Pennsylvania and Colorado. Juniper's other Pennsylvania facilities are in the northwest part of the state.
The Hearthstone deal followed one in which Juniper sold the real estate assets of six of its properties to LTC Properties Inc. for $94 million in a sale-leaseback transaction, in which Juniper has an initial lease of 15 years to continue to operate the communities. Juniper said it expects to acquire an additional three properties in the beginning of this year to expand the portfolio of communities it operates to 21.