FLOWER MOUND, TX-Triad Senior Living Inc. has made it second buy in Tulsa, OK, acquiring University Village, a senior living facility, for $5.5 million in an all-cash transaction from the Oral Roberts Evangelistic Association.  The local buyer plans to invest approximately $2 million to purchase a new HVAC system and some cosmetic upgrades.

University Village consists of approximately 300 independent living rental units and an 80-bed nursing center. The 38-acre asset at 8555 S. Lewis Ave. is being managed by Triad Aspen Partners, a partnership between Triad principals and Matthew R. Gawey, a local Tulsa businessman. The new owner group also includes Tulsa investor Keith A. Roberts and the University Village Trust, a non-profit corporation.

There are, however, no plans to change the name. “There’s a lot of goodwill in this name,” explains Blake N. Fail, Triad Senior Living’s president. The asset itself is near CityPlex Towers, one of Oklahoma’s largest office centers.  

Fail tells GlobeSt.com that the buy made sense on many levels for the company. It’s a good fit geographically, he explains.  Furthermore, it nicely complements another Tulsa asset owned by Triad Senior Living: Country Club of Woodland Hills. “These two properties don’t complete with one another,” Fail says.

Tulsa is also Fail’s home town. “This is a great town and a great market,” he remarks. “I’m excited to be back here.”

In addition to its Tulsa assets, Triad Senior Living owns the 230-unit Imperial Club in Aventura, FL and the 254-unit Waterford Estates in Hazel Crest, IL. Fail says he’s on the lookout for other investments, with his sweet spot being assets of more than 100 units in Texas, Arkansas, Oklahoma and other areas of the southwest.