Prima Living has completed its $117.91-million acquisition of nine senior living communities in Ontario from Chartwell Retirement Residences, adding 689 units and bringing its total portfolio to 1,187 suites across Canada. The properties are located in various cities, including Whitby, Morrisburg, and Stratford.
Acquisition Details
The nine Ontario properties Prima Living acquired from Chartwell are considered non-core assets by the seller. They include Prima Living Colonial in Whitby, Prima Living Hartford in Morrisburg, and Prima Living Anne Hathaway in Stratford, among others.
Prima Living president Najib Raie stated that the company likes working with Chartwell, as the properties are based on solid foundations. Raie also noted that every property is different and requires a unique strategy, with some needing major capital investments. This approach allows Prima Living to tailor its investments to the specific needs of each property, ensuring that the improvements made will have a positive impact on the residents and the community as a whole.
Chartwell is an unincorporated, open-ended real estate trust that indirectly owns and operates a range of seniors housing communities, serving approximately 25,000 residents in four provinces.
Prima Living’s Expansion
This deal comes just 15 months after Prima Living’s first Ontario acquisition in Pickering and the addition of two residences in Oakville and North York last October. The company aims to be one of Canada’s most reliable seniors residence and healthcare operators, tailoring to the needs of seniors today and tomorrow. Prima Living’s expansion strategy is focused on providing a range of services, including long-term care, assisted living, independent living, and private pay facilities, to meet the diverse needs of seniors across Canada.
Prima Living has already demonstrated results with Amenida Seniors Community Pickering, where occupancy increased from 45 to 95 per cent in five months following investments in programming, infrastructure, and day-to-day operations.
The company invested approximately $2 million in upgrades to Amenida Seniors Community Trafalgar Lodge in Oakville, which it acquired from Revera last fall. Occupancy has increased from 50 to 80 per cent, and Raie is confident it will reach 95 per cent by the end of the year. The success of these investments demonstrates Prima Living’s ability to effectively renovate and reposition existing properties, making them more attractive to potential residents and increasing their overall value.
Future Plans
Prima Living was created 17 years ago and is backed by the global infrastructure of Primacorp Ventures, a New Westminster, B.C.-based company formed in 1995. While these latest acquisitions were made with in-house funding, Raie said the company’s goal of becoming one of the top five senior living community operators in Canada will require additional outside investment. This investment will be key in supporting Prima Living’s plans for future growth and development, including the acquisition of new properties and the development of greenfield sites.
Prima Living continues to evaluate opportunities to expand its footprint through acquisitions, new developments, and strategic partnerships. The company has four greenfield development sites and is hoping to break ground on some of them early next year.
These development sites include a 456-unit campus of care in Oshawa, Ont., a 700-unit campus of care in Victoria, and a campus of care with more than 500 units on 13 acres in Edmonton. Prima Living also has commercial buildings that it’s repurposing to independent living, providing an innovative solution for meeting the growing demand for seniors housing. The company’s development plans are focused on creating integrated, multi-level health and housing facilities that provide a range of services and amenities to support the needs of seniors.
As Prima Living grows, it will face similar challenges and opportunities as other senior living community operators in Canada, where the demand for seniors housing and care services is increasing due to the country’s aging population. The company’s ability to invest in and improve its properties, as well as its focus on providing a better experience for seniors, will be key to its success in this market. With its expanded portfolio and plans for future development, Prima Living is well-positioned to become a major player in the Canadian seniors living industry.
Prima Living’s expanded portfolio includes a total of 1,187 suites across Canada. The company’s growth and expansion plans are focused on increasing its presence in the Canadian market, providing more options and services for seniors, and establishing itself as a trusted and reliable provider of seniors housing and care.
