Chartwell Retirement Residences sells four U.S. properties for US$136.1M

MISSISSAUGA, Ont. – Chartwell Retirement Residences says it’s selling four U.S. seniors housing properties, including 827 suites, in Alabama, Michigan, Oklahoma and Tennessee for US$136.1 million.

Chartwell (TSX:CSH.UN) says the sale to U.S.-based Focus Healthcare Partners and Garrison Street Partners will allow it to focus on its other seniors housing properties in the United States.

“This transaction is in line with our strategy to concentrate our U.S. investments in our core states of Florida, Texas and Colorado,” president and CEO Brent Binions said in a news release on Wednesday.

Chartwell owns and operates a range of seniors housing residences and is one of the largest participants in the seniors housing business in North America.