Chartwell Expands in Alberta with Acquisition of Modern Boutique Residence

Executive Summary

• Chartwell Retirement Residences announced the acquisition of The Edward, a modern boutique independent‑living residence in Calgary’s Marda Loop neighbourhood.
• Purchase price is $53 million (≈$589,000 per suite), funded with cash on hand; closing expected on December 1 2025.
• The Edward adds 90 private‑pay suites to Chartwell’s western Canada portfolio, currently ~86% occupied, supporting the company’s strategy of expanding high‑quality, modern senior housing assets.

Key Details

• Target Asset: The Edward – a five‑storey boutique retirement residence built in 2019, located in Calgary’s Marda Loop adjacent to the arts district and cSPACE King Edward.
• Suite Count & Occupancy: 90 independent‑living suites; current occupancy ≈86%.
• Purchase Price: $53 million before closing and capital adjustments (≈$589,000 per suite).
• Financing: Entirely funded with cash on hand; no external debt or equity financing disclosed.
• Closing Date: Expected to close on December 1 2025.
• Strategic Rationale: Expands Chartwell’s presence in the vibrant Calgary market and aligns with its strategy of acquiring modern, high‑quality residences that deliver long‑term value creation.
• CEO/Executive Comment: Jonathan Boulakia (Chief Investment Officer) highlighted the acquisition as a “strategic expansion” supporting Chartwell’s growth objectives in western Canada.

Notable Quotes

“The acquisition of The Edward is a strategic expansion for Chartwell in Calgary, a vibrant and sought‑after market for seniors housing,” – Jonathan Boulakia, Chief Investment Officer, Chartwell Retirement Residences.