Chicago-based Oxford Capital Group’s recently formed seniors housing affiliate, Oxford Living, has acquired nine private-pay independent living communities in Ontario. The transaction was done in partnership with Starr Insurance Co. and totaled approximately $74 million in U.S. dollars.
“We are excited to have formed Oxford Living, which enables Oxford to make strategic senior housing acquisitions in select highly attractive markets,” Oxford Capital Group founder, President and CEO John W. Rutledge said in a statement.
Rutledge also is CEO of Oxford Living. Lawrence Cummings, senior managing director and principal of Oxford Capital Group, is president of Oxford Living, and Richard Noonan is chief operating officer. The affiliate’s primary operational headquarters is in Toronto, supplemented with regional offices.
“We plan further portfolio acquisitions throughout the United States and Canada,” Rutledge added. The company’s particular focus is on assisted living and independent living assets.
Oxford Living focuses on 100% private-pay senior housing properties in primary and secondary markets deemed important. The recent deal includes a total of 648 units at communities where Oxford plans to make capital improvements and expansions.
“While most institutional investors and developers in the senior housing space focus on high-end development in urban centers, our strategy is to buy overlooked mid-market properties which are dependable, comfortable and affordable,” Cummings said.
Oxford and/or its principals’ senior housing investments are or have been located throughout Ontario as well as in Florida, Georgia, Tennessee, Vermont, Virginia, and Ohio and Oregon.