After less than a year in operation, Ridgepointe at Pineview retirement residence has been sold to Chartwell Retirement Residences for $21.5.

The purchase of the 109-suite property will be partially financed by a new five-year $11.8 million mortgage, with an interest rate of 3.65 per cent. The rest will be financed through a credit facility.

Located on an eight-acre piece of land in Kamloops, B.C., there is potential for expansion. Between 80 and 90 suites could be added in the future. However, at present, only approximately 52 per cent of the property is occupied.

Chartwell also owns the 97-suite Chartwell Select Renaissance Retirement Residence in Kamloops. It is expected that there will be operational synergy between the two facilities.