Prima Living is looking to acquire more seniors residences across Canada after purchasing a nine-property portfolio in Ontario from Chartwell.

“We would like to expand responsibly with discipline growth,” Prima CEO Najib Raie in an interview with Connect. “We are looking at multiple provinces where the demand is high.

“In fact, the demand for senior living is more than the supply, as you know. There are certain markets that we can add very good value [to] like we have so far. So, the markets we are looking at are Ontario, Alberta, B.C., Quebec and across Canada.”

Prima acquired nine Ontario seniors homes from Chartwell for $117.9 million, marking the company’s third purchase in only 15 months of existence.

The portfolio acquisition gives Prima, a division of Primacorp Ventures, an additional adding 689 units, increasing its Canadian portfolio to 1,187 suites.

Although Prima Living is now, Primacorp had a history of acquiring undervalued seniors homes and upgrading them to boost their market values. Prima Living is adopting a similar strategy.

“We are looking into portfolios now as the amount of time required to acquire one community or five or ten communities is not very different,” he said. “If we go to a different province where we don’t operate, our strategy is to look into a portfolio and we look into first the market and the quality of assets and see the fitness between our model. And if we can add value, we will move forward.

“So, we are actively looking to work with other operators or other partners if they have non-core assets to work with us.”

Raie said Prima took its time recruiting employees and building the company’s infrastructure. He noted that the firm’s leadership team is experienced in acquiring and managing large portfolio.

Before Prima Living was formed, Primacorp acquired a number of seniors homes mainly in Ontario, with some others located in B.C. and Alberta.

“So, we have the capacity to expand fast and continue the space across Canada,” said Raie.

Prima Living is flexible on the size of properties that it will seek and the amount of capital that will be invested.

“It all depends on the acquisition, the deal,” said Raie. “We are looking into multiple portfolios that are as large, or even larger, than the one that we recently acquired.

The purchase of the portfolio from Chartwell significantly expands the company’s presence in the province as demand for senior living continues to grow, said Prima. The company said the transaction strengthens its position in a market where new supply remains limited and many existing communities require renewal or reinvestment.

Prima is expanding by investing in existing retirement communities and enhancing services over time. In previously acquired Ontario communities, occupancy increased to 95% from 45% to 95% following investments in programming, infrastructure and daily operations.

Raie said the company is open to acquire more properties from Chartwell, which has been divesting non-core assets.

“It was our first deal [with Chartwell] and we are very happy with the way it went through,” he said.

Two of the acquired properties are located in the Greater Toronto Area cities of Aurora, Ont., and Whitby, Ont. The remaining seven are located in the secondary markets of Belleville, Ont.; Brockville, Ont.; Renfrew, Ont.; Sudbury, Ont.; Morrisburg, Ont.; and Pemroke, Ont.

“I hired the right type of leaders to lead the transition to ensure a very smooth transition for the residents, for the staff, and the transition started four months prior to closing,” said Raie.

“The team, my team and the Chartwell team, were talking almost every other day to ensure it’s a very smooth transition that we did, in short. And at the end, we are happy and Chartwell is happy. I am in contact with Chartwell leadership constantly to seek feedback and the feedback has been positive. And we’d like to repeat that not only with Chartwell, but with other operators or partners who we see fitness and acquisition.”

The Chartwell portfolio acquisition follows Prima’s purchase of a retirement residence in Pickering, Ont., in March 2025 and two additional residences in Oakville and North York in October 2025.

Raie said Prima aims to become one of Canada’s largest seniors-home owner-operators, catering to Baby Boomers and future generations of aging Canadians.

“With that type of growth and the fast growth we are moving forward with, I will welcome discussion with equity partners, private equity, REITs, and other partners that will see their alignment in our model,” he said. “As we grow fast, we would like to grow with partners. So, I’ll be very open to discussing [partnerships.]”

In addition to acquiring existing assets, Prima will undertake infill development projects on numerous properties that it inherited from Primacorp and pursue greenfield developments.

Prima is in the early stages of developing a 256-unit long-term care facility in Oshawa, Ont., along with a Victoria, B.C., project that will house approximately 700 suites, an infill development in Sherwood Park, Alta., that is expected to contain 500 units and another infill project in Squamish, B.C., where more than 500 units are expected to be built.

All of the proposed projects are in the demand stage, said Raie.

“And we have a building in Calgary that we are in process of converting that will add 160-plus units,” he said. “Aside from these projects that I mentioned, I’m actively working with other partners, especially three public-private partnerships, because if there is an opportunity to work with government or with equity partners, I’m very open to exploring that.”

In addition to investing in properties and projects, Prima will invest more in the care that it provides.

“Care is growing in our communities,” he said, noting that Baby Boomers have spared demand for more care because their needs vary from those of other seniors. “Care drives the revenue and [net operating income.] Care is something that is a gap that hospitals cannot fill in and their seniors are looking for care in our communities.”

Compared to 10 years ago, a Prima care home is “more heavy in care.”

“And we see care will continue to grow,” said Raie.

Pictured: Prima Living’s newly acquired Colonial retirement home in Whitby, Ont.

Photo: Courtesy of Prima Living