Canadian Seniors Housing Market
The Canadian seniors housing market has fared a bit better than its U.S. counterpart during the past year or so, but it also started in a better place. Take the Canadian SHOP portfolio of Ventas. It currently has 74 communities that operated in the first quarter 2021 with net operating income of $171.8 million, or just over $2.3 million per community (all amounts in U.S. dollars). This compares with 364 communities with $272.7 million of NOI in the first quarter for the U.S. SHOP portfolio, or $749,000 per community. So, Canada makes up 17% of the communities but 39% of the NOI. Hmmm. On a same-community basis, there were 68 Canadian communities in the first quarter last year... Read More »
Chartwell REIT Primes for Growth
Canadian REIT Chartwell Retirement Residences made a couple of moves that both expanded its portfolio and strengthened its liquidity, priming the company for further growth in 2020. Chartwell first announced the closing of its acquisition of a recently completed retirement community in the Alberta town of Sherwood Park (Edmonton MSA). The deal goes back to 2017, when Chartwell acquired a portfolio of four Edmonton-area senior living communities for CAD$298 million and a purchase option for the to-be-built Sherwood Park community for CAD$120 million, or about US$91 million and US$355,500 per unit. RBC Capital Markets advised Chartwell in that deal, while TD Securities and Greystone Real... Read More »
Greystone Rocks Georgia Deal
The Greystone Real Estate Advisors team of Mike Garbers and Cody Tremper recently represented a REIT owner in its sale of a 57-unit assisted living community in Marietta, Georgia. The community was considered to be a value-add opportunity for the new owner, a joint venture between an institutional investor and Surpass Senior Living. Built in 1998, it was on the older side in the overdeveloped Marietta market and could improve operationally. But, the new owner plans to invest some capital in the building to spruce it up. No purchase price was disclosed. The deal comes on the heels of two large closings for Greystone north of the border, including Chartwell Retirement Residences’ purchase of... Read More »
Greystone Heads North
Greystone Real Estate Advisors headed north of the border for its latest transaction, where along with TD Securities, they represented an owner in its sale of five retirement communities in the Edmonton, Alberta area to Canadian REIT Chartwell Retirement Residences. With a weighted average age of six years, the portfolio consists of four existing communities with 450 independent living, 237 assisted living and 88 memory care units (plus a 52-unit addition at one community expected to finish in the first half of 2018) and a 256-unit community currently under development and expected to open in late 2019. There is a 58% private pay census across the portfolio, with 42% being funded by the... Read More »Schedule a demo
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