Six new properties, 1,024 suites, and a long-term play on shifting demographics
Chartwell Retirement Residences will add 1,024 suites to its portfolio across Ontario through a $432m acquisition of six senior housing communities, as per a press release issued by the company.
The deal includes three properties in London and one each in Mississauga, Waterloo, and Dorchester.
Chartwell will pay $416.2m at closing, with an additional $15.8m payable upon completion of 29 townhomes under development at Dorchester Terrace, expected by the fourth quarter of 2026.
Closing of the acquisition is targeted for the fourth quarter of 2025, according to the press release.
Chartwell chief executive officer Vlad Volodarski said in an interview with BNN Bloomberg that “this was a great addition, certainly to our portfolio,” adding, “we are very happy to expand in the very strong southwestern Ontario market.
We did not have a lot of presence in the London market in particular, and this portfolio gave us the opportunity to expand there.”
The six acquired properties are Riverstone, Richmond Woods, and Longworth in London; Dorchester Terrace in Dorchester; Westhill in Waterloo; and Erinview in Mississauga.
The properties are all private pay and designed for independent, low-acuity seniors, featuring a mix of suites, apartments, and townhomes. The press release stated that the Erinview site includes excess land with potential for 140 more suites.
Riverstone includes 124 retirement suites and 135 seniors apartments and townhomes and is part of a net-zero campus.
Richmond Woods offers 130 retirement suites and 112 seniors apartments and townhomes, while Longworth includes 126 retirement suites.
Dorchester Terrace provides 123 retirement suites and 29 townhomes, currently in development. Westhill has 117 retirement suites and 100 seniors apartments.
Erinview comprises 57 retirement suites, with further development options on site.
Chartwell chief investment officer Jonathan Boulakia said the properties “have been designed for active, independent older adults and align with [the company’s] continued focus on quality, operational excellence, and long-term value creation.”
He noted that the acquisition reflects Chartwell’s ongoing execution of a disciplined investment strategy targeting high-quality residences in strong, long-term demand markets.
As per the company’s annual report, Chartwell generated $661m in revenue and reported net income of $49.5m. Its operations include 200 properties serving more than 25,000 seniors across Ontario, Quebec, Alberta, and British Columbia, with a workforce of 16,000.
The $432m price represents roughly $422,000 per suite.
The press release reported that Chartwell will fund the purchase through $232.7m in in-place debt, mostly CMHC-insured, and approximately $240m in 2025 CMHC financings.
The in-place debt carries a weighted average interest rate of 4.5 percent and matures in March 2045. TD Securities is acting as exclusive financial advisor to the vendor.
Volodarski told BNN Bloomberg that “we’ve announced over the last probably 18 months, over $2 billion worth of acquisitions.”
He said the company is continuing to pursue opportunities to add high-quality properties to its portfolio to meet the growing demand for senior housing across the country.
As per Statistics Canada, seniors (those aged 65 and older) made up 18.9 percent of the popu
