Chartwell Retirement Residences has acquired two seniors’ residences in Quebec City and increased its stake in a third.

The acquisitions have a combined total of $247.9 million.

The company purchased Résidence Le Florilège, a 345-suite residence in the Beauport neighbourhood, for $112.9 million. Built in 2022, the property is nearly fully occupied and located near major amenities. The acquisition was financed with cash and a short-term loan.

Chartwell also acquired Chartwell L’Envol, a 360-suite retirement home in Cap-Rouge, for $117.8 million. The property, built in 2019, is similarly well-occupied. A portion of the purchase was financed with a $65.4-million six-month loan, and a $4.4-million mezzanine loan extended to the previous owner was settled at closing.

“These acquisitions of high-quality, recently developed residences with strong occupancies below replacement cost will positively contribute to the overall quality of Chartwell’s portfolio and expand our ownership presence in high-growth Quebec City and its surrounding neighbourhoods,” said Jonathan Boulakia, chief investment officer for Chartwell.

“The acquired properties are complementary to our existing Quebec portfolio and are already managed by Chartwell, which allows for a seamless integration into our platform. The transactions are consistent with our investment strategy to grow in strong markets with newer, high-quality assets which we believe will be competitive for many years.”

Additionally, Chartwell acquired the remaining 15% interest in Chartwell Trait-Carré in Charlesbourg for $17.2 million. The 361-suite residence was built in 2021 and is fully integrated into the company’s operations.

Mississauga, Ont.-based Chartwell ranks as Canada’s largest seniors home owner, investor and operator.

Pictured: Chartwell Carlton retirement residence in Burnaby, B.C.

Photo: Chartwell