Vancouver-based real estate company Concert Properties has completed the divestiture of its Tapestry seniors housing portfolio, which included three properties in British Columbia and one property in Ontario.
"The completion of this sale allows us to focus our efforts on growing our core businesses of rental apartments, condominiums, and industrial and office properties, and positions the company for continued growth," said Concert Properties Interim President & CEO John Dooling in a press release in January.
The four properties were sold individually over the course of the past year to three different buyers. Concert Properties did not disclose any financial details, but the transactions totaled to just over $334 million, STOREYS has learned.
15 Summerland Terrace, Toronto
The first sale occurred in Q1 2024 and was pertaining to the Tapestry at Village Gate West property located at 15 Summerland Terrace in Toronto.
Tapestry at Village Gate West was developed by Concert Properties as part of its first master-planned community in Ontario. The building was completed in 2008 and was sold in January 2024 to Delmanor — the seniors housing subsidiary of Toronto-based real estate company Tridel — for $79,350,000. With 168 units, the price translates to $472,321 per unit.
The property has since been renamed Delmanor West Village.
The Delmanor West Village at 15 Summerland Terrace in Toronto. / Delmanor
2799 Yew Street, Vancouver
The second transaction occurred in December 2024 and was pertaining to the Tapestry at Arbutus Walk at 2799 Yew Street in Vancouver.
The Arbutus property was developed as part of Concert's Arbutus Walk master-planned community in Kitsilano in the late-90s and was Concert's first seniors housing community. In December, Concert sold the property to Ontario-based Seasons Retirement Communities — the seniors housing subsidiary of Toronto-based Fengate Asset Management — for $70,233,120. With 147 units, the price translates to approximately $477,776 per unit.
The property is now known as Seasons Arbutus.
Seasons Arbutus at 2799 Yew Street in Vancouver. / Seasons Retirement Communities
3308-3382 Wesbrook Mall, Vancouver
The third transaction occurred around the same time as the second and was pertaining to the Tapestry at Wesbrook at 3308-3382 Wesbrook Mall within the UBC Vancouver campus.
The UBC property was completed in 2010 in partnership with UBC Properties Trust. The property was also sold to Seasons Retirement Communities / Fengate Asset Management, for $109,766,880 and via a share sale. With a total of 148 units, the price translates to approximately $741,668 per unit.
The property is now known as Seasons Wesbrook Village and Fengate said in a press release last month that it is managing the investments on behalf of investors that included the LiUNA Pension Fund of Central and Eastern Canada.
Seasons Wesbrook Village at 3338-3382 Wesbrook Mall at the UBC Vancouver campus. / Seasons Retirement Communities
777 Belleville Street, Victoria
The fourth and final transaction occurred in January and was pertaining to the Tapestry at Victoria Harbour at 777 Belleville Street in Victoria, on Vancouver Island.
The Victoria property was completed by Concert in 2021 and was sold to Ontario-based seniors housing REIT Chartwell Retirement Residences (TSX: CSH.UN) for $75.0 million, according to Chartwell. With 131 units, the price translates to approximately $572,519 per unit.
The property has since been renamed Chartwell Victoria Harbour.
Chartwell Victoria Harbour at 777 Belleville Street in Victoria. / Chartwell Retirement Residences
Tapestry
The four transactions totaled to $334,350,000 and represents all of the Tapestry seniors housing communities that were developed and owned by Concert Properties. The properties were originally externally-managed, but Concert assumed management of Tapestry operations in 2018, according to Concert's website.
Concert says the divestiture of the business was due to the challenge of scaling it.
"The company determined that these communities posed challenges as a scalable business, and that Tapestry employees and residents would be better served as part of larger, dedicated seniors' organizations whose values align with our own," said Concert Properties in the January press release. "To support this transition, we made every effort to ensure that employees would be offered positions with the new owners, facilitating a smooth process, continued employment opportunities and that our residents would be in good hands."
