Optima Living and Axium Infrastructure joint ventured to acquire eight seniors housing communities from British Columbia-based H&H Total Care Services for approximately C$300 million (US$218.3 million), or $275,000 per unit (US$199,900 per unit). The portfolio comprises 1,092 units consisting of assisted living, independent living, skilled nursing and complex care, with an average building age of 10 years. Three of the communities opened in 2019. Two of the communities are in Red Deer and one is in Airdrie, Alberta. Five communities are in Kamloops, Surrey, Penticton, Duncan and Vernon, British Columbia.
Mark Gallagher, BJ Bhal and Dave Kalinowsky of Newmark served as the broker on behalf of the family-owned H&H Total Care Services.
Vancouver-based Optima has operated independent and assisted-living care facilities in Alberta and British Columbia since 2006, and will retain The Hamlets brand across the communities.
Montreal-headquartered Axium Infrastructure is an independent portfolio management firm with offices in Canada, the United States and the United Kingdom. Earlier this year, Axium acquired 16 long-term care facilities throughout Ontario from Chartwell Retirement Residences for US$305.11 million, or $126,200 per unit. It made that deal in a joint venture with Canadian operator AgeCare Health Services Inc.
