Verve Senior Living has taken control of a 263-unit Ottawa seniors housing campus out of the Ashcroft Homes insolvency and plans to invest another $20M in the property over the next two years.

The Ravines, at 626 and 636 Prado Private, consists of two connected buildings that were held through separate Ashcroft entities but operate as a single campus. The properties include a 125-unit retirement residence and an eight-storey, 138-suite independent living building, with residents able to move between different levels of care on site.

The acquisition closed Sept. 22, with Verve taking over operations and retaining the existing staff. Its planned capital program includes suite renovations, upgraded care floors and redesigned dining and lobby areas.

The purchase price has not been disclosed and remains under seal in court-filed transaction documents.

The receivership records, however, provide some insight into the economics behind the sale. Central 1 Credit Union was owed $42.2M against one of the properties, more than that building is expected to generate from the transaction. Mortgage lenders on the other building are expected to be repaid in full.

Newmark Seniors Housing Group marketed the properties through the court-supervised sale process.