Chartwell has agreed to acquire a 632-unit Montreal seniors housing complex for $136 million.

Under the terms of the definitive agreement, Chartwell will pay $130 million upon the deal’s closing, expected in the first quarter of 2025, and $6 million in three years.

The Rosemont Les Quartiers property comprises 10-, seven- and six-storey connected buildings in the Rosemont–La Petite-Patrie neighbourhood.

“The residence, in a prime location near downtown Montreal, is being acquired well below replacement cost,” said Jonathan Boulakia, Chartwell’s CEO. “We look forward to welcoming the staff and residents of Rosemont Les Quartiers into the Chartwell family.”

Built between 2016 and 2019, the complex sits near a subway station.

Various nearby amenities include a grocery store, other retail outlets, parks, and healthcare institutions such as the Montreal Heart Institute and Maisonneuve-Rosemont Hospital.

Mississauga, Ont.-based Chartwell is Canada’s largest seniors-residence investor, owner, developer and operator.

Photo: Bonjour Résidences