Chartwell Closes $135.5M Brampton Buy As $89.3M Waterloo Divestiture Trades
Two Chartwell Retirement Residences deals have come into sharper focus, identifying a major Brampton acquisition and putting a final price on its required Waterloo divestiture.
Chartwell paid $135.5 million for Greenway Retirement Community at 100 Ken Whillans Dr. in Brampton, according to new Altus Group transaction data. The sale works out to about $560K per unit.
Chartwell disclosed in August that it had agreed to pay $136 million for an unidentified Greater Toronto Area retirement residence, with closing expected in the third quarter. The property, formerly operated as Venvi Greenway, has since been rebranded Chartwell Greenway.
Meanwhile, Chartwell Clair Hills at 530 Columbia St. W. in Waterloo traded for $89.3 million, or about $744K per room. The 120-suite property is now operating as Amica Clair Hills.
Chartwell was required to sell Clair Hills after the Competition Bureau raised concerns about its $432-million acquisition of six Sifton Properties seniors communities in southwestern Ontario. Connect reported on the Sifton acquisition and required divestiture in April.
The two transactions come as seniors housing investment accelerates alongside rising occupancy and limited new supply.
Pictured: Greenway Retirement Community in Brampton
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