Chartwell Retirement Residences announced that it has entered into a definitive agreement to acquire a 121-suite retirement residence in Midland, Ontario.
Built in 2014 and located at 105 Pillsbury Drive, Tiffin House is a premier retirement residence in an attractive and affluent neighbourhood on the east side of Midland, within close proximity to the waterfront of Midland Bay. The amenities-rich retirement residence provides a full continuum of care with 48 independent supportive living suites, 44 assisted living suites and 29 memory care suites, and includes excess land for development of up to 12 additional suites. Tiffin House is currently 55 per cent occupied.
The aggregate purchase price of $31.5 million will be settled in cash, with closing expected in September 2016. Chartwell estimates that, upon stabilization, this acquisition will generate an unlevered yield of 7.6 per cent.
“We are pleased to acquire this modern residence located in a strong and growing retirement market,” commented Vlad Volodarski, Chartwell’s Chief Financial Officer and Chief Investment Officer. “We are looking forward to welcoming the Tiffin House residents and staff to the Chartwell family.”
Tiffin House joins Chartwell’s existing family of over 185 retirement and long term care residences across Canada. Known for its commitment to customer service and operational excellence, Chartwell is home to over 25,000 residents and employs over 13,500 staff dedicated to Chartwell’s vision of Making People’s Lives Better.