Chartwell has agreed to acquire three B.C. retirement residences for $229.6 million, the company announced.

The properties are located in secondary markets on Vancouver Island.

The assets include the 152-suite Vista in the Victoria suburb of Esquimalt, priced at $103.9 million; the 77-unit Nanaimo Memory Care in Nanaimo ($20.3 million); and the Edgewater, a 155-unit Nanaimo property that is currently under construction with completion expected in the first quarter of 2025.

Edgewater’s proposed purchase price is $102.7 million.

“These acquisitions of high-quality, newly developed residences will positively contribute to the overall quality of Chartwell’s portfolio and expand our presence in the strong British Columbia market,” said Jonathan Boulakia, Chartwell’s chief investment officer.

“These transactions will create meaningful scale on Vancouver Island, which provides operating and management synergies. We believe the quality of the acquired properties and their excellent locations, combined with our operating expertise, will support successful lease-up and multi-year occupancy and market rate growth.”

He said the assets are being acquired at prices below replacement cost.

Mississauga, Ont.-based Chartwell expects to fund the deals through net proceeds from the sale of non-core assets, cash on hand and the company’s credit facilities.

In mid-August, Chartwell closed the sale of one non-core retirement residence in Ontario for $10.8 million in cash and met the conditions for the divestment of another Ontario non-core asset for $79.5 million in cash. The latter deal is expected close in the third quarter of 2024.

Pictured: Edgewater Retirement Residence under construction in Nanaimo, B.C.

Rendering: Avenir Senior Living