Chartwell Buys Retirement Residence in Mission

Chartwell Retirement Residences has acquired a 138-suite residence in Mission for $27 million, the real estate trust announced Monday.

Cedarbrooke Chateau, built in 2009 and 73 per cent occupied, is Chartwell’s second retirement residence in Mission, a Fraser Valley community with a population of about 34,500.

Chartwell says it expects “strong operational synergies” with the existing 126-suite Chartwell Carrington House Retirement Residence but didn’t provide details in its announcement.

“This acquisition is fully in line with our strategy to acquire newer, well-designed and well-located properties in our existing markets,” Brent Binions, Chartwell’s president and CEO, said in a statement.