Seniors housing growing rapidly in Tulsa

Wichita, Kansas-based Oxford Senior Living, which has four assisted living/memory care communities open in Texas (2) and Kansas (2), is entering the Oklahoma market, having recently purchased land in Oswasso (Tulsa MSA) to build a 36-unit memory care community for $6 million, or $166,700 per unit, which is about average for memory care in the state according to our data. Oxford found a partner in CarrBaierCrandall Real Estate Group, based in Kansas City, Missouri, to help finance the project, which is expected to be completed in August 2015. Tulsa-based ECO Enterprises Inc. is the general contractor, while Wichita-based LK Architecture was brought in as the architect. The Tulsa area has several other projects underway. Oklahoma City-basedCarland Group is building a 72-unit senior living community (16 IL units, 31 AL units, 25 MC units) in a suburb of Tulsa for $9 million, or $125,000 per unit, that will open late in 2015. A partnership between Avenida Senior Living and Black Oak Partnersbroke ground in September 2014 on a 140-unit IL community that will cost $18 million, or $128,600 per unit. Finally, for an undisclosed cost, Covenant Retirement Communities is developing a 79-unit independent and assisted living community in a suburb of Tulsa, with 45 IL units and 34 AL units, which broke ground in June 2014 and is scheduled to open in the summer of 2015.