MISSISSAUGA, CA-Chartwell Seniors Housing Real Estate Investment Trust, based here, has divested six US properties to Harvest Facility Holdings, a subsidiary of Holiday Retirement Corp., for $165.5 million. The properties, totaling 1,221 living suites, are in five states.
The deal is being partly settled by the assumption of existing mortgages with an aggregate outstanding balance, as of June 1, of about $106.8 million. The deal is expected to close in the fourth quarter.
The properties include Town Village Vestavia Hills, AL; Town Village Sterling Heights in Sterling Heights, MI and Park at Trowbridge in Southfield, MI; Town Village Tulsa, OK; Waterford in Dayton, OH and Town Village Audubon Park, TN. All are managed by Nashville, TN-based Brookdale Senior Living. The properties were purchased at part of two portfolios by Chartwell in a joint venture with ING Real Estate Australia in 2006.
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The sale is part of the firm’s intention to focus solely on Canada. In May, the trust sold five senior living properties in New York, the Bristol Portfolio, to HSRE-EB I LLC, an entity owned by affiliates of Harrison Street Real Estate Capital LLC and the Engel Burman Group. Also in May, Chartwell partnered with Health Care REIT Inc. to buy 42 seniors housing communities in Canada owned by Montreal-based Allegro Residences.
Brent Binions, president and CEO of Chartwell, said his firm has an established strong presence in four key Canadian provinces. The trust wants to increase resources and management on the “strong, stable and growing Canadian market,” he said in a statement. The country’s population of people 75 years and older is projected to double by 2032.
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