VIDA Living Completes Acquisition of 498 Units in Nova Scotia

Transaction caps productive year for VIDA

HALIFAX, NS, Dec. 16, 2021 /CNW/ - Halifax-based VIDA announced today that it has acquired a portfolio of nearly 500 units located primarily in the town of Truro, NS, from Wallace Living. VIDA is a privately held company focused on keeping rents low amidst an escalating problem of housing affordability in Canada. The transaction comes in quick succession to VIDA's 1,058-unit deal completed in June, rounding out a year of rapid growth for the workforce housing company.

"Truro, the backbone of the Halifax-to-Moncton commercial corridor, is a thriving market with significant untapped potential—we are excited to participate in its future while helping to preserve attainable housing options in the region. Wallace Living was an excellent steward of these properties. The Wallace Living team's professionalism and transparency were key to this successful transfer of their residential business," said Hugh Goodday, VIDA's Chief Growth Officer.

"Ron Chisholm and Greg Jones extend our deepest appreciation to our dedicated employees on the apartment living side of our business, who will all begin new employment with VIDA.  Our seniors' assisted living business will continue under the name Wallace Retirement Living.       

It became obvious at the beginning of our discussions that VIDA shared our commitment to providing high quality, tenant-focused apartment living in the town of Truro and surrounding area," said Greg Jones, President of Wallace Living.

VIDA thanks its financial partners, Price Capital and BMO, and its legal advisor, McInnes Cooper, for their support and advice in connection with the transaction.

VIDA: Creating Community

VIDA's purpose is to revolutionize affordable communities by providing socially responsible workforce housing. We strive to improve social, economic and health outcomes by providing security, cleanliness, opportunity and a sense of community to our customers using creative solutions and incentives. Our goal is to own and operate 10,000 suites in North America by 2027.

SOURCE VIDA Living

Hugh Goodday, Chief Growth Officer & ESG Lead, VIDA Living, [email protected]