Tulsa Hills Communities Inc., a subsidiary of Covenant Living Communities and Services, was approved in a final sale hearing Thursday by U.S. Bankruptcy Court Judge Dana L. Rasure to purchase Inverness Village retirement community.
The sale is for $41 million, subject to purchase price adjustments. Inverness Village is a not-for-profit west Tulsa retirement community established in 2003.
It sits on approximately 190 acres at 3800 W. 71st St.
“Our board of directors and acquisition team did an excellent job marketing the property over the last year and a half. More than 30 potential buyers from across the country were vetted in the process and expressed serious interest in acquiring Inverness Village. All of us, residents, staff and board of directors, are thrilled to be working with such an outstanding organization as Covenant Living,” said Mike Mitchell, executive director of Inverness Village.
“This sale will ensure a continued focus on resident care and experience and gives us a strong financial footing. Our future has never looked brighter.”
As reported by the Tulsa World in July, Inverness Village filed a voluntary petition for Chapter 11 bankruptcy protection to reorganize its debts.
Covenant Living is one of the country’s largest not-for-profit senior living providers with 16 locations across the U.S. It entered into an Asset Purchase Agreement in July to purchase Inverness Village through a Chapter 11 bankruptcy case in order to effect the most expedient sale.
“The process has allowed us to continue operations uninterrupted and continue to focus on providing excellent medical care, amenities and overall experience for our residents,” Mitchell said.
The sale is expected to be completed by the end of October.
“This acquisition aligns with Covenant Living’s overall strategic plan of growth for the organization and fits within goals set for the Tulsa market,” said Terri Cunliffe, Covenant Living president and CEO. “We’ve already had a presence in the market for the past five years with our rental community Covenant Living of Bixby. Adding Inverness Village into our portfolio complements our rental community and now allows us to serve even more older adults in the area.”
Inverness Village, as a continuing care retirement community, offers its residents a continuum of care in a campus-style setting, providing luxury living accommodations and related health care and support services to a target market of seniors aged 55 and older. Inverness Village includes 196 independent living apartments, 40 cottages, 20 garden homes, 31 assisted living apartments (consisting of 35 beds) and 12 memory care units and 44 skilled nursing rooms.
It has 287 residents and 205 employees.
“As a resident, I feel we were kept informed of the property acquisition progress as much as possible. When the purchase agreement was announced, we had the chance to meet and hear from Terri Cunliffe, the CEO of Covenant Living Communities. I can attest that I and all the other residents who attended that session were excited with the purchase news,” said Jim Harris, who has lived at Inverness Village for four years.
“We were all pleased and felt fortunate that Inverness Village would become a new community in the Covenant Living communities in America. I am looking forward to many more years here and think the best is yet to come.”
Tulsa Police Sgt. Jennifer Murphy talks about the Tulsa Police new reading program and school supply handout at the Darlington Apartments.