- What Chartwell has agreed to buy three senior housing properties on Vancouver Island for $226.9m
- Why The deal adds 384 suites to firm’s portfolio
- What next Two transactions are expected to close in Q4
Chartwell Retirement Residences has agreed to buy three senior housing properties on Vancouver Island for $226.9m.
The properties total 384 suites, and the valuation works out to $591,000/suite. The company is funding the deals with proceeds from asset sales, cash on hand and credit facilities.
Chartwell is buying the 152-suite Vista Retirement Residence, in Victoria, for $103.9m. The 11-storey property comprises 104 independent supported-living suites and 48 memory care suites. The building is 28% occupied.
The 77-suite Nanaimo Memory Care, in Nanaimo, was built in 2018 and is 88% occupied. The purchase price is $20.3m.
The third property, Edgewater Retirement Residence, is under construction and slated for completion in the second quarter of 2025. It will have 155 ISL suites. The purchase price will be $102.7m.
Chartwell expects the Vista and Nanaimo acquisitions to be completed in the fourth quarter of 2024.
The company also said that on Aug. 15, it closed the sale of one non-core retirement residence in Ontario for $10.8m in cash. On Aug. 16, the company met conditions for the sale of another non-core residence in Ontario, which will be settled for $79.5m in cash and is expected to close in September.
