TORONTO —Investment firm Harrison Street and retirement residence developer Revera Inc. have announced a new joint venture to acquire four retirement living residences located in the Greater Toronto Area and Cambridge, Ont.
As part of the transaction, the JV will share ownership of four of Revera’s retirement communities: Granite Landing in Cambridge, The Renoir in Newmarket, Westney Gardens in Ajax and The Williamsburg in Burlington. Revera will continue to operate and manage the residences, stated a recent release.
The portfolio is comprised of 537 senior apartments, independent and assisted living, and memory care units across the four properties.
“We are thrilled to continue building on our momentum in Canada and to bring our deep sector expertise to the Canadian senior living market,” stated Harrison Street head of Canadian transactions Jonathan Turnbull in a statement.
“There is an imbalance of high-quality senior housing in Canada due to the aging baby-boomer demographic combined with limited new product supply and construction starts. Through this JV, we are acquiring a strategically located, high-quality portfolio of senior living properties that provides our investors with immediate scale and exposure to an attractive sector.”
The acquisition marks the third investment by Harrison Street’s recently launched Canada Alternative Real Estate Fund, which has initial capacity to invest over $550 million to pursue investments in senior living, student housing, medical office, life sciences, storage and digital assets throughout Canada.