Greystone Real Estate Advisors closed back-to-back portfolio sales in Canada. Mike Garbers and Cody Tremper, together with TD Securities, represented the seller of 10 senior living communities located throughout the greater Toronto and Ottawa areas. The 10 communities had 1,245 units, of which 1,045 were independent supportive living and 200 were assisted living. All but two were built or renovated in the past 10 years. Sienna Senior Living paid $298 million, or $239,400 per unit (C$382 million).
In their second transaction, they sold four communities in the greater Edmonton area in Alberta. The 775-unit portfolio included 450 independent supportive living units, 237 assisted living units and 88 memory care units. About 58% of the units were private pay, with 42% funded by the Alberta Health Services. Two were built quite recently and the other two 11 years ago. Chartwell Retirement Services paid $232.4 million, or about $300,000 per unit (C$298 million). The cap rate was 6.2%.
Separately, Revera and Axium Infrastructure completed a joint venture whereby Revera sold a 75% interest in 32 long-term care facilities in Canada to Axium, and Revera will continue to operate them, keeping a 25% interest. The agreement was first announced last October.