- What Chartwell made a private deal with Timbercreek Capital to purchase Rosemont Les Quartiers residences
- Why The $136m deal will close in March
- What Next The 632-suite complex is 97% occupied
Timbercreek Capital is selling Rosemont Les Quartiers, a Montréal retirement residence complex, to Chartwell Retirement Residences, with the price translating to a capitalization rate of 6.5%, Green Street News can reveal.
Chartwell has agreed to pay $136m for the 632-suite complex, which consists of several connected buildings just east of downtown Montréal. Under the terms of the agreement, the company will pay $130m at closing and will make a deferred payment of $6m in three years.
The transaction was conducted as a private deal between Timbercreek and Chartwell. The deal is expected to close in March 2025, with conditions already waived. The purchase price is more than 30% below replacement cost.
Rosemont Les Quartiers, at 5200 Rue Molson, is managed by Cogir Real Estate and offers a range of rental suites catering to various care needs. Average monthly rents are $1,900 per suite, and the complex is 97% occupied.
The acquisition aligns with Chartwell’s growth strategy in the Québec market, where the company, one of Canada’s largest retirement-home operators, continues to expand its portfolio.
This transaction follows an active 2024 for Chartwell. The company acquired 13 Québec retirement residences in separate transactions totaling $511m.
