Addison, Texas-based Seneca Investments and Oxford Senior Living, based in Wichita, Kansas, are forming a partnership that could yield as many as 10 new Texas-based properties over the next three to four years.
Oxford, which launched in 2010, operates a handful of senior living properties currently. Its operating portfolio includes a $5.5 million, 36-unit memory care community in Sachse, Texas, which has been under construction since April and has a planned opening of December; the first of its developments under the partnership with Seneca.
Seneca works in the finance and development of multifamily housing, condominiums, high-rise apartments, and commercial office buildings, with the Sachse property marking an entry into senior living.
Oxford has not specified whether the properties will include independent living, assisted living or memory care units, although the company says memory care is a strong focus with the Dallas market being the target of the new partnership.
“We have studied the Dallas market quite a bit,” Coryanne Graham, marketing and brand manager for Oxford told SHN. “It’s a great place for us to be in terms of feasibility and Seneca is very plugged into real estate in that area. They have a great history. It’s a good fit.”
Written by Elizabeth Ecker