Chartwell Retirement Expands in Canada With $432M, 6-Community Senior Living Acquisition

Less than two years after ending a JV in Canada with Welltower (NYSE: WELL), Chartwell Retirement is growing North of the U.S. border.

This week, the Mississauga, Ontario-based company announced a $432 million deal to acquire six communities in London, Waterloo, and Mississauga, Ontario. The six communities total 1,024 units, composed of independent living, apartments and townhomes. Some of the communities include things like net-zero power infrastructure, ample greenspace and modern amenities, according to Chartwell.

One of the six communities is adding 29 townhomes as part of a new development project expected to wrap up by the fourth quarter of 2026. Another community has “potential to develop an additional 140 suites.”

Chartwell’s $432 million purchase price equates to about $422,000 per unit. A representative for Chartwell declined to disclose the portfolio’s seller when reached by Senior Housing News Thursday.

Chartwell is among the largest senior living operators in Canada, with about 25,000 residents living in its roughly 160 communities.

The company is funding its acquisition through debt totaling $232.7 million and from proceeds of already planned 2025 financings representing about $240 million. TD Securities is the “exclusive financial advisor to the vendor of this portfolio,” Chartwell noted.

The deal is a “significant strategic expansion” for the company in southwestern Ontario, which Chartwell Chief Investment Officer Jonathan Boulakia called “one of Canada’s most dynamic and growing seniors housing markets.”

“These communities have been designed for active, independent older adults and align with our continued focus on quality, operational excellence, and long-term value creation,” he said. “These communities not only enhance our portfolio with modern, purpose-built assets, but also provide a clear pathway for sustainable growth through asset optimization and targeted development opportunities.”

The move is notable given the fact that Welltower and other U.S.-based real estate investment trusts (REITs) are turning up the heat in markets across Canada by acquiring properties there. In March, Welltower announced it was acquiring Amica Senior Lifestyles in Canada for a deal equivalent to almost $3.2 billion USD. The REIT also has a growing management platform in the country with senior living operator Cogir.

Chartwell had previously partnered with Welltower to own and manage 39 properties in Ontario, Alberta, British Columbia and Quebec. In late 2023, the two companies agreed to end their JV. As part of that deal, Welltower turned over interest in 16 assets and paid Chartwell $97.2 million in cash, while Chartwell transferred ownership of 23 assets to Welltower.

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