National Health Investors, Inc. (NHI) has completed a $46.3 million investment, including transaction expenses, to acquire Juniper Village at Paramus, a senior living community located in Bergen County, New Jersey, near New York City.
Juniper Village at Paramus offers 98 assisted living units and 22 memory care units. The property has been under the management of Juniper Communities, a senior housing operator with a portfolio of 28 communities across five states, since early 2021.
The lease agreement includes a 15-year term, with the option for two additional five-year renewals. It provides an initial yield of 7.95%, along with annual fixed increases.
Eric Mendelsohn, President and CEO of NHI, commented that Juniper Communities’ track record of enhancing the community’s performance since taking over its operations contributed to the investment decision. Mendelsohn noted the company’s interest in potentially expanding the partnership.
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By Proptechbuzz
By Ravi Kumar
