A new seniors housing investment platform backed by a Chicago-based investor-developer has acquired $100 million worth of Canadian assets in its inaugural transaction.
Oxford Living LLC is a partnership of Oxford Capital Group LLC, a New York-based insurance and investment firm and an experienced Canadian team of professionals.
The firm’s first investment is 9 Ontario retirement communities, totalling 648 suites. Oxford Living will also invest to enhance and upgrade these properties and plans significant expansions of several of them.
"Consolidating mid-market retirement communities in secondary Ontario markets is an ideal launching pad for Oxford Living," said John W. Rutledge, Founder, President & CEO of Oxford Capital Group and CEO of the new affiliate. "In Canada, where most institutional investors are focused on high-end properties in urban centres, our strategy is to acquire and operate mid-market assets.”
Experienced team
Lawrence Cummings, Senior Managing Director at Oxford Capital will serve as President of the new Company, joined by Richard Noonan as Chief Operating Officer, Scott Vecile as Chief Financial Officer and Tim Foster as Chief Revenue Officer.
The Management team have together more than 60 years of experience in seniors housing management, operations and development.
Noonan was a 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.
"A key element of our mid-market strategy is to leverage the well-develop presence these properties have established in the local communities," said Noonan. "The properties are well-managed with great teams. Aside from investing in enhancements, our operational plan is to 'stay the course."
