Chartwell Retirement Residences announced that it has entered into a definitive agreement to acquire the 107-suite The Orchards Retirement Residence in Vineland, Ontario. Built in 2000, expanded and fully renovated in 2014 The Orchards is a premier residence in the Niagara Region. Occupying 1.61 acres at 3421 Frederick Avenue, the residence is located within the large, adult lifestyle community of Cherry Hills, and is comprised of 67 independent supportive living, 26 assisted living, and 14 memory care suites. The Orchards is currently 90% occupied. The aggregate purchase price of $22.0 million will be settled in cash, with closing expected in February 2017. Chartwell estimates that upon stabilization, this acquisition will generate an unlevered yield of 7.1%. The residence will be rebranded as Chartwell Orchards Retirement Residence and will join Chartwell's existing family of over 185 retirement and long term care residences across Canada. Known for its commitment to customer service and operational excellence, Chartwell is home to over 25,000 residents across Canada and employs over 13,500 staff dedicated to Chartwell's vision of Making People's Lives Better.