K2 Group Acquires 'Riverside Living' Retirement Residence in Meaford, Ontario
Today, Toronto-based K2 Group announces that it has completed the acquisition of Riverside Living, a retirement residence located in Meaford, Ontario. This multi-residential asset, consisting of three single-level apartment buildings with twenty-five units and one residential home, was purchased from MCT Investments Inc.
K2 Group, which holds investments under the umbrellas of hospitality, petroleum, and real estate, is working to expand its 'senior living' portfolio under its real estate division. K2 Group owns one other seniors' residence— Georgian Bay Seniors Lodge in Penetanguishene, Ontario—and recognizes the timely need to serve the middle-income retiree population, resulting from the global impact of COVID-19. According to a recent CBRE study, seniors-tailored apartments—which allow for tailored, yet independent living—are one of the fastest growing segments in real estate as the baby boomer population continues to age, and population and life expectancy continue to increase.
The Municipality of Meaford has a substantial need for accommodations geared toward seniors, which is why residences like Riverside Living are paramount. According to the 2016 census, 44% of Meaford's population was between the ages of 55 to 85. The apartment complex is currently at 100% capacity, with a waiting list, comprised mostly of local residents. All current residents and the management staff members will remain with a plan to invest in enhancements along the way. The property is already well-maintained, but expected updates in the near future will include a new outdoor grilling station and general refurbishments.
"Riverside Living is a wonderful addition to the K2 Senior Living portfolio. It is a fantastic community, and serves the Municipality of Meaford well," says Kailash Kasal, President of K2 Group. "A key element of our 'senior living' acquisition strategy is to leverage the well-developed presence these retirement properties have established in the local communities. Our operational plan is to 'stay the course' and provide the management team with the support and resources they require to continue to enhance the lives of our residents. We have some exciting ideas for Riverside Living with the ambition to offer our residents simply a beautiful place to call home."
The property, located at 8 Sykes Street South and 24 Boucher Street, sits on 1.4 acres of land with a large green space area directly along the Bighead River. It is a historical property, containing the foundation of the original woolen mill, including a concrete and masonry wall which defines the river bank, developed in the 1840s. A strip of land along the north end of the phase one lands is within 30 meters of the river. The area is well developed, with other nearby businesses including a gasoline service station, U-Haul trailer rental, garden equipment repair business, restaurant, church, video rental company, variety store, and residential area.
About K2 Group
K2 Group is a privately-held fully integrated company that strategically acquires, develops, constructs and repositions hospitality, petroleum and real estate assets throughout Canada. We endeavour to deliver sustained; above-market returns for our investors and partners by facilitating the flow of capital and knowledge to our projects. To learn more, visit k2group.ca
About Dine Brands International
Based in Glendale, California, Dine Brands Global, Inc. (NYSE: DIN), through its subsidiaries, franchises restaurants under both the Applebee's Neighborhood Grill + Bar and IHOP brands. With approximately 3,450 restaurants combined in 16 countries and approximately 350 franchisees, Dine Brands is one of the largest full-service restaurant companies in the world. To learn more, visit dinebrands.com
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