Oxford Capital Group forms seniors housing management platform

Oxford Capital Group through its recently formed affiliate, Oxford Living, announced its acquisition in partnership with Starr Insurance Companies, of nine 100 percent private pay independent supportive living properties throughout Ontario, Canada, in an approximately C$100 million ($74 million) transaction.

Oxford Living acquires, manages and develops seniors housing properties throughout North America.

Oxford Living focuses on 100 percent 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 more than  C$3.4 million ($2.52 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, as president, and Richard Noonan as COO.

Cummings and Noonan each have more than 25 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 COO 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 U.S. markets are overbuilt, there is an urgent need for senior housing product in Canada.”

Cummings 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.”