December 20, 2018
CHICAGO–Oxford Capital Group, LLC through its recently formed affiliate, Oxford Living, LLC, announced its acquisition in partnership with Starr Insurance Companies, of nine 100% private pay independent supportive living properties throughout Ontario, Canada, in an approximately CAD $100 million transaction. Oxford Living acquires, manages and develops seniors housing properties throughout North America.
“We are excited to have formed Oxford Living which enables Oxford to make strategic senior housing acquisitions in select highly attractive markets. We plan further portfolio acquisitions throughout the United States and Canada,” said John W. Rutledge, Founder, President & CEO of Oxford Capital Group, LLC, the Chicago based investor-developer.
Oxford Living focuses on 100% private pay senior housing properties with significant value add potential in primary and important secondary markets throughout the United States and Canada. Acquisitions focus on markets with compelling demographics and properties with significant value add potential.
The nine property acquisition totals 648 units located in Windsor, London, Sudbury and other Ontario markets. Oxford will invest over CAD $3.4 million to enhance the properties and plans additional significant expansions of several of the properties. This acquisition adds to current senior housing investments by Oxford and/or its principals in Florida, Georgia and Tennessee.
Rutledge serves as CEO of Oxford Living with Lawrence Cummings, Senior Managing Director and Principal of Oxford Capital Group, LLC, as President, and Richard Noonan as Chief Operating Officer. Cummings and Noonan each have over twenty-five years of experience in seniors housing management, operations and development. Cummings has successfully sponsored value add senior housing investments throughout his career, serving as CEO of both publicly traded and privately held senior housing companies.
Noonan served as co-founder and Chief Operating Officer of Chartwell Retirement Residences, Canada’s largest owner/operator of seniors housing. While at Chartwell, Noonan had direct operational responsibility for over 300 seniors housing properties in the United States and Canada.
“Consolidating mid-market retirement communities in secondary Ontario markets is an ideal strategy for Oxford Living,” said Noonan. “Demand outpaces supply growth, but while some US markets are overbuilt, there is an urgent need for senior housing product in Canada,” he added.
“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 commented.
Oxford is a Chicago-based real estate private equity investment, development and management firm with a strong focus on operationally intensive forms of real estate, including a particular emphasis on the senior housing and hospitality sectors. Oxford has sponsored, co-sponsored and/or invested in over $3.0 billion in senior housing and hospitality assets.
“We have been warmly received by the resident community in the properties we are acquiring, as well as by the civic leadership of the municipalities in which they are located. We look forward to continuing to fulfill the properties’ mission to serve their residents and surrounding communities,” added Noonan.