Chartwell has completed the acquisition of a 50% interest in a Quebec retirement residence and launched four new development projects in Quebec, Alberta and B.C. that will add a combined 828 suites to its growth pipeline.

The company also confirmed that it has sold nine Ontario seniors homes to Prima Living for $117.9 million. Although Chartwell did not identify the buyer, Prima recently announced that it had acquired the properties from Chartwell.

The Chartwell acquisitions and projects include the purchase of a 50% interest in the 283-suite Chartwell Le Montcalm residence in Candiac, Que., the start of construction on a 218-suite expansion at Résidence Légende in Longueuil, Que., and the development of new retirement residences in Vernon, B.C., and Edmonton. The Edmonton projects include the 202-suite Chartwell Summerlea development and a 262-suite residence within the Century Park master-planned community.

“These investments reflect Chartwell’s continued commitment to expanding our portfolio through disciplined capital allocation and strategic partnerships with experienced developers,” said Jonathan Boulakia, the company’s chief investment officer. “This approach enhances our future acquisition pipeline, strengthens our presence in key growth areas across Canada, and positions Chartwell to meet the increasing demand for high-quality seniors housing.”

Chartwell acquired its 50% interest in the 283-suite Chartwell Le Montcalm for $43.3 million before closing costs and working-capital adjustments. The transaction included the assumption of $22.3 million in debt, with the balance paid in cash. The residence, developed by EMD-Batimo, is currently 99% occupied. Chartwell said it is working with its partner on plans for a future expansion.

The company said construction on the Résidence Légende expansion began in May and will add 218 independent-living suites to the existing 368-suite property, which is 96% occupied. The project is being developed with EMD-Batimo, and Chartwell expects to acquire full ownership of the expansion following stabilization, subject to certain conditions.

Construction of the 202-suite Chartwell Summerlea residence in west Edmonton is expected to begin in August, with completion anticipated in November 2028. The project is being developed by Hestia Construction, and Chartwell expects to acquire an initial 50% ownership interest for $51 million after construction, followed by the remaining interest at stabilization, subject to certain conditions.

In Vernon, construction of the 146-suite Chartwell Carrington Apartments is scheduled to begin in September. The project, developed by Troika Developments in partnership with Hallmark Communities, will be located beside the existing Chartwell Carrington Place residence. Chartwell expects to acquire full ownership after construction is completed in 2028 and plans to provide a $3.5-million mezzanine loan to the developers.

Chartwell also plans to begin construction in September on a 262-suite seniors housing project within Edmonton’s Century Park community in partnership with Eagle Builders and K&H Developments. The residence will include seniors’ apartments, independent-living and memory-care suites, with Chartwell serving as operator upon opening.

“The demand for retirement living continues to grow, and we’re proud to lead retirement residence development across Canada,” said Chartwell CEO Vlad Volodarski. “By collaborating with trusted partners, we’re expanding choice for Canadians and creating high-quality communities designed to meet the needs of future residents.

Meanwhile, Chartwell said it received $82.3 million in net proceeds, after transaction costs and the repayment of existing mortgages, from the sale of the nine non-core Ontario propertier to Prima. The nine properties comprise 689 units in total.

Pictured: Seasons Arbutus Walk seniors home in Vancouver.

Photo: Fengate/Seasons