BENSALEM, Pa. — Juniper Communities has acquire Wood River Village Retirement Community, a 356-unit continuing care retirement community (CCRC) in the Philadelphia suburb of Bensalem, for $13.7 million.
Juniper, which is based approximately 75 miles northeast of the community in Bloomfield, N.J., purchased the property in cash, but plans to refinance the property with bank debt in the future. Juniper also plans to spend $9.5 million in renovations for the community over the next two years.
Wood River features 13 interconnecting buildings totaling 357,350 square feet. It was built in 1981. The community includes 279 independent living apartments, 60 licensed personal care beds and 17 licensed skilled nursing beds.
With the acquisition, the owner-operator’s portfolio now totals 1,794 units.