Company to invest $432 million as it targets rising retirement demand in southwestern Ontario
Chartwell Retirement Residences will acquire six seniors’ communities totalling 1,024 suites for $432m as it increases its presence in southwestern Ontario, a region with one of the country’s fastest-growing older populations.
As reported by Chartwell in its press release, the portfolio includes Riverstone, Richmond Woods and Longworth in London, Dorchester Terrace in Dorchester, Westhill in Waterloo, and Erinview in Mississauga.
The properties are all private-pay and serve independent, low-acuity seniors. The deal covers a mix of independent living suites, apartments and townhomes across the six sites.
According to Statistics Canada, there were 7.6 million Canadians aged 65 and older in 2023, making up 18.9 percent of the total population.
By 2030, that figure could reach between 21.4 percent and 23.4 percent.
Chartwell said the $416.2m base purchase will be paid at closing, while a further $15.8m will be due upon completion of 29 Dorchester Terrace townhomes, expected in the fourth quarter of 2026.
The total price reflects approximately $422,000 per suite.
The acquisition also includes excess land at Erinview, which could support an additional 140 suites.
Chief executive officer Vlad Volodarski told BNN Bloomberg that the move helps Chartwell grow its presence in a region where it had limited exposure.
“We did not have a lot of presence in the London market in particular, and this portfolio gave us the opportunity to expand there,” he said.
He also described the acquisition as a strong addition to the portfolio and expressed confidence in the southwestern Ontario market.
The company stated the acquisition would be funded through a combination of $232.7m in in-place debt—mostly insured by CMHC—and proceeds from $240m in planned 2025 CMHC financings.
The assumed debt carries a 4.50 percent weighted average interest rate and a March 2045 maturity.
Closing is expected in the fourth quarter of 2025.
TD Securities is acting as the exclusive financial advisor to the vendor.
Chartwell chief investment officer Jonathan Boulakia said in the company’s press release that the transaction “represents a significant strategic expansion for Chartwell in southwestern Ontario.”
He added that it supports the company’s focus on quality, operational excellence, and long-term value creation.
Boulakia added, “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.”
Among the highlighted assets, Riverstone (built in 2021 and 2023) is part of a net-zero campus with solar infrastructure and offers 124 retirement suites and 135 apartments and townhomes.
Richmond Woods includes 130 suites and 112 apartments built in 2007 and 2010. Longworth, built in 2001, has 126 suites in a residential neighbourhood.
Westhill offers 117 suites and 100 apartments, and Erinview features 57 suites with development potential.
Dorchester Terrace, built in 2017, has 123 suites, plus the 29 under-construction townhomes.
Volodarski said the company had announced over $2bn in acquisitions over the past 18 months.
He added that Chartwell continues to seek opportunities “to add high quality properties to our portfolio going forward, to take advantage and to serve more seniors across the country, because the demand continues to grow.”
Chartwell owns 200 properties and serves over 25,000 seniors, employing 16,000 staff across Ontario, Quebec, Alberta and British Columbia.
Its most recent annual report stated $661m in revenue and $49.5m in net income.
