BLOOMFIELD, NJ—Juniper Communities, a commercial real estate firm based here that specializes in assisted-living assets, purchased Brookline Village, a 274-unit development in College State, PA, for $35 million. And the company isn't finished with its desire to buy more assets, Lynne Katzmann founder and chief executive officer of Juniper, tells GlobeSt.com.

Brookline was previously owned by a family-run company, which is not unusual in the highly fragmented assisted-living sector of commercial real estate. Though firms like Juniper are motivated to purchase more assets, and there is increased interest in the sector, private entities will likely continue to own a big chunk of these types of properties, Katzmann suspects.

"We like to think the market will consolidate," she says, but adds that "there will always be a segment of the market that is represented by the private family."

For its part, Juniper wants a bigger slice of that pie. The firm currently owns 18 assisted-living assets in Colorado, Florida, New Jersey and Pennsylvania and is close to purchasing two more properties in those markets, Katzmann reveals.

Brookline comprises 116 skilled nursing-rehabilitation units, 38 that focus on memory care, 87 on personal care and 33 that cater to independent living. State College, home of Pennsylvania State University, is an ideal locale to own such a property, Katzmann says, because of the strong alumni community that prefers to remain in a highly educated and sophisticated environment.

Juniper financed the acquisition using cash from its balance sheet and a loan from a local bank. The private firm's revenues came in at $62 million last year, its management reported.