VANCOUVER — Newmark Group Inc. has brokered the sale of eight seniors housing communities in Western Canada for more than $300 million.
H&H Total Care Services sold the 1,092-unit portfolio to a joint venture between Axium Infrastructure and Optima Living.
Newmark’s Mark Gallagher, BJ Bhal and Dave Kalinowsky represented the seller on the transaction.
“This strategic portfolio transaction provides the joint venture partnership with immediate scale and considerable market share of funded seniors housing residences in Western Canada,” says Gallagher.
The portfolio is relatively new, with an average building age of 10 years and three residences opened since 2019. In addition, three of the assets provide the new ownership with over 360 units of development/expansion opportunities.
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