A Toronto-based real estate investment firm has acquired several Ottawa properties as part of a bid to expand its portfolio of retirement residences across North America.
Marlin Spring said Monday it’s purchased eight retirement homes from Mississauga-based Revera, including three in the National Capital Region. Financial terms of the transaction were not disclosed.
In addition to the Ottawa properties, Marlin Spring also acquired retirement homes in Kitchener, Mississauga, Oshawa and Richmond Hill. The facilities will be operated by the company’s new Spring Living Retirement Communities arm, which also includes a property in Burlington that Marlin Spring purchased in 2019 and another in nearby Waterdown it acquired last year.
The new acquisitions have a combined total of more than 580 suites. The Ottawa properties involved in the deal are:
- Ogilvie Villa at 1345 Ogilvie Rd. in Gloucester (63 suites)
- Queenswood Villa at 370 Kennedy Lane E. in Orléans (56 suites)
- Robertson House at 1 Mill Hill Rd. in Nepean (109 suites)
The latest deals give Marlin Spring a growing footprint in a market that’s still relatively untouched territory for the Toronto firm.
The company made its first local acquisition in early January, when it partnered with Colonnade BridgePort to buy a 12-storey office tower at 81 Metcalfe St. from Canada Mortgage and Housing Corp. for $12.5 million.