The owner of two Philadelphia-area retirement communities is being purchased for an undisclosed amount by Redwood Capital Investments L.L.C., a New York investment firm.

Redwood won an auction to buy bankrupt developer Erickson Retirement Communities, a Baltimore operator of retirement communities in 11 states that filed for Chapter 11 reorganization in October.

Its properties include Maris Grove in Glen Mills and Ann's Choice in Warminster.    - Bloomberg News