After less than a year in operation, the Ridgepointe at Pineview retirement residence has been sold.
Chartwell Retirement Residences purchased the 109-suite facility in Sahali for $21.5 million.
But its tenants will notice no difference in lifestyle, said Donna Marasco, regional manager of operations at Chartwell.
"It's not going to change at all," she said. "What's in place will remain in place at this point, absolutely."
The services and activities provided through the facility will not change, nor will its staff, nor will the lease rates in the immediate future.
Chartwell representatives made that clear to residents during a meet and greet earlier this week, said Marasco.
Chartwell operates many similar facilities across the country, including the 97-suite Kamloops Renaissance in North Kamloops.
The Ridgepointe opened last year and is now only about 52 per cent occupied. But that wasn't a deterrent in the deal.
"The Kamloops market right now has a lot of new builds . . . for seniors to move into. So there's a little bit of a glut in the market for options so it takes a little longer to lease up a building," said Marasco.
But, she said, Kamloops has an excellent demographic for its needs since so many retirees choose to city as their home.
And that's why the potential for an 80- to 90-suite expansion made the acquisition that much more attractive.
"In part of the purchase of Ridgepointe we most certainly looked for opportunities in the future," said Marasco. "We would most certainly build out the rest of the building when the time is right to do so."
Chartwell has arranged a five-year mortgage at 3.65 per cent to pay for $11.8 million of the purchase price and the rest will be financed through a credit facility.