A Quebec-based real estate giant is the new owner of eight retirement resorts in the Okanagan.
Cogir Real Estate announced January 4 that it is now the co-owner and manager of seven homes previously owned by Regency Retirement Resorts.
It also purchased an eighth, Lakeshore Place, from a local owner.
In all, 1,165 units of housing are being added to Cogir’s portfolio.
“This transaction fits perfectly with Cogir’s growth and geographic diversification strategy,” said Mathieu Duguay, Cogir Real Estate’s CEO.
Financial details were not released, but the properties are all high-end retirement residences, with wine cellars and woodworking areas, a news release stated. They also feature swimming pools, movie theatres, exercise rooms and restaurants.
The eight Kelowna retirement homes purchased by the company do not offer healthcare and cater to independent seniors.
“We are looking forward to meeting the teams currently on site. They have done extraordinary work over the years. We are quite eager to bring our skills together and to continue providing the residents with an enjoyable retirement, all the while seeking new ways to make every day better for them and to meet their lifestyle and entertainment needs,” added Frédéric Soucy, president of the Cogir Management Company.
Cogir manages more than 260 properties in Canada and the U.S. The company oversees five million square feet of commercial property and 32,000 housing units, including more than 70 privately-owned seniors’ residences.