January 15, 2024, Vancouver, BC – Concert Properties today announced it has completed the sale of its seniors' community, Tapestry at Victoria Harbour. This follows the sale of its three other properties: Tapestry at Arbutus Walk and Tapestry at Wesbrook in Vancouver on December 2, 2024, and its sole Ontario community, Tapestry at Village Gate West, on January 15, 2024. With this final sale, Concert Properties brings the Tapestry divestiture process to a conclusion.
The company determined that these communities posed challenges as a scalable business, and that Tapestry employees and residents would be better served as part of larger, dedicated seniors' organizations whose values align with our own. To support this transition, we made every effort to ensure that employees would be offered positions with the new owners, facilitating a smooth process, continued employment opportunities and that our residents would be in good hands.
“The completion of this sale allows us to focus our efforts on growing our core businesses of rental apartments, condominiums, and industrial and office properties, and positions the company for continued growth,” says John Dooling, Interim President & CEO.
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About Concert Properties
Since 1989, Concert Properties has been proudly developing, acquiring and managing real estate across Canada in pursuit of building a people-first future. We develop, own and manage rental apartments; develop condominium homes; and develop, acquire and manage industrial and office properties. Today we have grown to over $6.6 billion in assets under control. Owned by union and management pension plans and institutional investors representing over 200,000 Canadians, our vision is to create resilient, inclusive and sustainable communities across Canada. See ConcertProperties.com for more information.
Media Contact
John Corry
Director, Corporate Communications
Concert Properties
604.812.1370
JCorry@ConcertProperties.com