STILLWATER, Okla. – A retirement community in Stillwater was sold for nearly $20 million and will open this year.
Last Spring, News 4 reported that “The Ranch,” was under construction and more than 70 percent complete when investors had foreclosed on the property.
The retirement community was designed to accommodate those who are 62 and older with fitness, health and memory care services.
Now, according to the Journal Record, The Ranch has a new owner.
“Safari Hospitality” out of Utah purchased the facility for $19.5 million.
Safari Hospitality CEO Jim Burgess says the company has been in contact with residents, approximately 100, who previously put down deposits.
“We’re hoping to come to a good solution that works [for the depositors] so that no one that wants to move there misses out,” he said.
Burgess says construction started again last week.
The new owners hope to finish construction and open in about six months.