Updated: Nov 19
A chain of locally owned seniors residences in the Okanagan is being sold.
Regency Retirement Resorts part owner Ed Hall confirmed the pending sale in an interview Friday. He's quoted as saying they “have entered into a pending agreement to transfer ownership of the Regency Group of Retirement Resorts to new owners.”
Staff and residents were told of the sale last week. They were not told who the new owner will be.
There are seven resort style residences in the Regency Group of Retirement Resorts chain. Five in the Kelowna area, one in Penticton and another in Vernon.
The chain promotes itself as a residence for those seeking an active retirement, where seniors can enjoy "resort like amenities".
The assessed value of the seven "retirement resorts" is about $166 million dollars. The value of the business side of the operation overseeing the chain's 1100 suites has not been disclosed.
Currently, the chain of residences serves around 1400 seniors.
According to Seniors Outreach monthly prices at one of the facilities range from $2745 for a 654 sqft 1 bedroom to $3945 for an approx. 1000 sqft 2 bedroom unit. An extra person living in a suite would be an additional $495 monthly.
Doing a bit of math that means all seven locations and their 1100 or so suites might generate a minimum of $3,019,500 monthly.
Regency is a partnership created by local developer Ed Hall and Greg Kornel a resort management specialist.
The first building in the chain was constructed in 1999 in Kelowna's North Glenmore region. Regency even received an endorsement from former BC Premier Christy Clark back in 2015.
Before Regency Ed Hall was a partner with Canadian Adult Communities.
Here's a list of the Seven Regency retirement resorts
- Missionwood retirement resort, South Kelowna
- Regency Northwood retirement resort Central Kelowna
- Regency Sandalwood retirement resort North Kelowna
- Regency Summerwood retirement resort East Kelowna
- Regency Westwood retirement resort West Kelowna
- Regency Southwood retirement resort Penticton
- Regency Parkwood retirement resort Vernon
For general information on issues related to senior living check out the BC Seniors Living Association (BCSLA).
According to the group, Independent Living communities are not regulated in BC.
In 2009 the advocate group introduced a Seal of Approval Assessment which is a "self regulating senior living standards tool kit".
The BCSLA provides many services for seniors and senior living.
Check the link below for frequently asked questions