Fengate expands retirement community portfolio with the acquisition of two new properties in British Columbia
Fengate Asset Management (‘Fengate’) is pleased to announce the successful close of two premier seniors housing properties in Vancouver, British Columbia. The acquisition marks Fengate’s and Seasons Retirement Communities’ (‘Seasons’) first venture into the British Columbia market, further growing its portfolio of retirement communities across Canada.
The new properties, Seasons Arbutus Walk and Seasons Wesbrook Village, collectively offer 295 rental suites and 88 managed condominium suites located in two of Vancouver’s most sought-after neighbourhoods, offering residents easy access to parks, local amenities, and cultural attractions.
Fengate and Seasons are managing this investment on behalf of their investors, including the LiUNA Pension Fund of Central and Eastern Canada (‘LPFCEC’).
“We are proud to build on our legacy of empowering Canada’s seniors through market-leading housing that advances Seasons’ mission of affecting positive change in the lives of this vital and growing community,” said Joseph Mancinelli, International Vice President and Regional Manager for Central and Eastern Canada at LiUNA.
“This acquisition is transformational for Fengate and Seasons as we build the foundation for our growth in British Columbia. Fengate and Seasons are well positioned to capitalize on the growing seniors’ demographic in this key strategic growth market and across Canada,” said Jaime McKenna, President Fengate Real Estate.
“Seasons is pleased to continue to work with Fengate to diversify our portfolio of quality retirement communities,” said Michael Lavallée, Chief Executive Officer at Seasons Retirement Communities.
“Our best-in-class management team is committed to collaborating with our communities to provide residents with a continuum of care within a warm, welcoming, and vibrant atmosphere that embodies the Seasons promise.”
Established in 2009 by Fengate, Seasons Retirement Communities is a Canadian company that currently owns and operates 25 retirement communities across Ontario, Alberta, and British Columbia, with more developments underway. Seasons is dedicated to addressing the needs of Canada’s aging population by offering exceptional seniors housing and services.
