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Newmark Group, Inc. announces it has completed the $300+ million sale of the Western Canadian Continuum of Care Portfolio, an eight-property, 1,092-suite seniors housing portfolio in Western Canada. The portfolio traded from H&H Total Care Services Inc.—a family-owned business—to a joint venture partnership between Axium Infrastructure, an independent portfolio management firm with offices in Canada, the U.S. and the U.K. and Optima Living, a Western Canada-focused owner/operator. Newmark Executive Managing Director Mark Gallagher, Senior Managing Director BJ Bhal and Managing Director Dave Kalinowsky represented the seller on the transaction.
“This strategic portfolio transaction provides the joint venture partnership with immediate scale and considerable market share of funded seniors housing residences in Western Canada,” said Gallagher.
The portfolio features a balanced mix of assisted living and independent living suites and funded long-term care and complex care beds and private pay complex care beds. The portfolio is relatively new, with an average building age of 10 years and three residences opened since 2019. In addition, three of the assets provide the new ownership with over 360 units of development/expansion opportunities. The properties are each positioned well within their respective markets and spread across some of Canada’s most desirable retirement communities.
The transaction took place in a rapidly changing interest rate environment; the scale and complexity of the project required careful coordination and advisory by Newmark Canada’s Seniors Housing group among multiple stakeholders, including the various regional health authorities, financial and tax planning consultants, debt and financing advisors and the various teams of legal experts/counsel on the file.
About Newmark
Newmark Group, Inc. , together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,500 professionals around the world.
