Chicago-based Oxford Capital Group LLC and its affiliate, Oxford Living LLC, have purchased six additional seniors housing properties across Central and Southern Ontario.
The firm made the purchase in partnership with Starr Insurance Companies, a global group of insurance and financial services companies which has its headquarters in New York City. Oxford Capital and Oxford Living are private entities, and are not affiliated with Oxford Properties, a major Canadian institutional investor in real estate and other assets around the world.
The purchase by Oxford Living comprises six private-pay, independent supportive living properties formerly operated by Revera Living.
The six communities acquired this week total 645 suites and include:
* Terrace Gardens in Toronto, located on Bathurst Street in North York;
* William Place in Lindsay, located along the Trent Severn Waterway in the Central Ontario city;
* Garrison Place in Fort Erie, a 75-unit residence;
* Lundy Manor in Niagara Falls, comprising 95 studio and one-bedroom suites and located on Lundy’s Lane;
* Highland Place in Kitchener;
* and Stone Lodge in Guelph.
This portfolio adds to Oxford’s nine existing Ontario communities, which are located in Stayner, Midland, London, Windsor, Sudbury, Elliot Lake and Thunder Bay.
Oxford’s growing Canadian portfolio assembled over the last nine months now includes 15 properties. The company expects that number to grow “significantly” according to the release.
Seniors housing sector strategy
“This transaction brings us great communities with strong on-site management and dedicated care teams,” said John W. Rutledge, the founder, president & CEO of Oxford Capital Group and co-founder and CEO of Oxford Living, in the release.
“Our acquisition of this portfolio is consistent with our strategy of buying high-quality, mid-market properties which are dependable, comfortable, affordable and have good value-add potential.”
The company acquires, manages and develops seniors housing properties throughout North America.
In the U.S., it operates assets in Miami and other Florida markets; Ohio markets including Cleveland, Columbus, and Youngstown; various markets in Virginia, Georgia, Vermont and Tennessee; and several markets in Oregon, including Bend and Eugene.
It focuses on private-pay senior housing properties with significant value-add potential in primary and important secondary markets with “compelling demographics.”
This includes investing in, developing or redeveloping, and managing skilled nursing, assisted-living, independent-living and memory-care facilities.
“Demand outpaces supply growth in the Canadian markets in which we are investing, unlike many U.S. markets, making these assets and this transaction particularly compelling,” said Lawrence B. Cummings, president of Oxford Living, in the release.
About Oxford Capital Group, LLC
Oxford Capital Group, LLC is an international real estate investment, development, and management firm.
Oxford, its affiliates, and principals have been involved in over $3 billion of real estate and private equity investments, with a primary focus on hospitality (13,000-plus hotel rooms); hospitality-anchored, mixed-use projects including residential, retail and parking; seniors housing (more than 3,000 units); multifamily residential (more than 1,000 units); and other operationally intensive real estate.
Oxford Hotels & Resorts, LLC is its wholly owned hotel operating affiliate, which specializes in operating, managing and branding distinctive, high-design lifestyle hotels, and food & beverage venues.
Oxford Living, LLC is its senior housing investment and management platform.
Oxford Residential, LLC is its multifamily residential development affiliate.
About Starr Insurance Companies
Starr Insurance Companies (or Starr) is the marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C. V. Starr & Co., Inc. and its subsidiaries.