Chartwell Retirement Residences is expanding its footprint in Calgary with the planned purchase of The Edward, a contemporary boutique seniors residence in the city’s Marda Loop area.

The company said it agreed to pay $53 million, or $589,000 per suite, for the property.

“The acquisition of The Edward is a strategic expansion for Chartwell in Calgary, a vibrant and sought-after market for seniors housing,” said Jonathan Boulakia, Chartwell’s chief investment officer. “This upscale boutique residence is thoughtfully designed for active, independent older adults and supports our strategy of acquiring modern, high-quality residences that support long-term value creation. We are pleased to add The Edward to our growing portfolio in western Canada.”

Completed in 2019, The Edward offers 90 private-pay suites and sits close to the arts district and cSPACE King Edward. The property provides a range of high-end amenities, including a creative studio, rooftop garden, chauffeur service, and other arts-inspired common areas. Its occupancy rate is approximately 86%.

The deal is expected to close on December 1.

Pictured: The Edward seniors residence in Calgary.