Chartwell Retirement Residences has agreed to acquire six seniors homes across southwestern Ontario for $432 million, the company announced Tuesday.

The deal marks a major expansion of Chartwell’s footprint in the region.

The portfolio includes 1,024 suites located in London, Ont.; Waterloo, Ont., and Mississauga, Ont., with a mix of independent living suites, apartments, and townhomes serving low-acuity, private-pay seniors.

“This acquisition represents a significant strategic expansion for Chartwell in southwestern Ontario, one of Canada’s most dynamic and growing seniors housing markets,” said Jonathan Boulakia, Chartwell’s chief investment officer. “These communities have been designed for active, independent older adults and align with our continued focus on quality, operational excellence, and long-term value creation.

Key properties include Riverstone and Richmond Woods in London, Longworth in London, Dorchester Terrace in Dorchester, Westhill in Waterloo, and Erinview in Mississauga. The sites date back from 2001 to 2023, with modern amenities and in some cases, development potential—such as Erinview, where excess land could allow for 140 additional suites, and Dorchester Terrace, where 29 townhomes are expected to be completed by the end of 2026.

The total purchase price includes $416.2 million payable at closing and $15.8 million tied to future construction. Chartwell will assume $232.7 million in in-place debt, mostly CMHC-insured, and fund the remainder through planned 2025 CMHC financings. Closing is expected in the fourth quarter of 2025.

Pictured: Erinview seniors home in Mississauga, Ont.

Photo: Fryett Turner Architects