Chartwell Retirement Residents has acquired the 138-suite Cedarbrook Chateau in Mission, B.C. This move expands Chartwell’s presence in the seniors market and allows for operational synergy with the nearby 126-suite Chartwell Carrington House Retirement Residence.

The Cedarbrooke Chateau was built in 2009 and presently has 73 per cent occupancy. It was purchased for $27 million before closing costs, and was partially financed by a new five-year $15.3 million mortgage, bearing interest at 4.35 per cent.

“This acquisition is fully in line with our strategy to acquire newer, well-designed and well-located properties in our existing markets,” says Brent Binions, president and CEO of Chartwell.