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The Ravines Retirement Residence and Ravines Senior Suites in Ottawa have been sold after a court-ordered receivership sale to Verve Nepean Limited Partnership, which plans a $20 million investment.
The Ravines Retirement Residence and Ravines Senior Suites, a two-building seniors residential complex in Ottawa's Citiplace neighbourhood, have officially changed hands following a court-ordered sale. The sale was approved by the Ontario Superior Court on September 9, and the properties are now beneficially owned by Verve Nepean Limited Partnership through The Ravines SS Inc. and The Ravines PPP Inc. Verve Senior Living announced the acquisition this week, stating that the complex began operating as Verve The Ravines on September 22 with existing staff in place.
Background of the Ravines Receivership
The complex consists of two separate buildings: the 125-suite Ravines Retirement Residence at 626 Prado Private and the adjacent 138-suite Ravines Senior Suites at 636 Prado Private, located along the Nepean Creek near the Rideau River. Both buildings share an on-site management team and above-ground and underground corridors, as they were developed together by Ontario-based developer Choo Communities under its Ashcroft Homes brand.
In December 2024, several corporate affiliates of Ashcroft Homes, including 2139770 Ontario Inc. and 2265132 Ontario Inc., the legal owners of the two properties, entered creditor protection. The judge presiding over the case noted that various members of the Ashcroft Homes Group had encountered liquidity issues related to rising interest rates and a decline in occupancy rates, leaving them with insufficient liquidity to meet debt obligations. An affidavit sworn by owner David Choo stated that they began working with lenders in late 2023 to address shortfalls, resulting in a series of forbearance agreements and cross-guarantees designed to buy time to restore occupancy rates.
However, after the initial creditor protection period, lenders on several projects opposed the continuation of the CCAA proceeding and initiated their own receivership proceedings. The two Ravines properties were placed under receivership and managed by two different receivers, BDO and KSV Restructuring (now known as AlixPartners), which ultimately collaborated on the court-ordered sales process.
Sales Process and Buyer Selection
The properties were listed for sale by Newmark and made available for purchase separately or as a package, given shared components. The listing team included BJ Bhal, David Kalinowsky, Mark Gallagher, Norm LeZotte, and Amani Jawhari. They listed the property on an unpriced basis and described it as an institutional-grade, continuum-of-care campus that is well-positioned for repositioning. At the time, Ravines Retirement Residence had an occupancy rate of 73% and brought in $7,257 in average monthly rent, while Ravines Senior Suites had an occupancy rate of 63% and average monthly rent income of $5,554.
According to a report prepared by AlixPartners dated August 18, 2026, a total of 32 parties signed confidentiality agreements, eight tours were conducted, and two parties ultimately submitted a letter of intent. The selected bidder was set to buy both buildings and had 60 days for due diligence. However, the Receiver later expressed significant concerns about repeated requests for extensions made by the original purchaser. The Receiver was also concerned to learn that the original purchaser had been engaged in discussions with David Choo and/or his representatives, which appeared to violate its obligations under its NDA. The Receiver nonetheless agreed to an extension to April 28, but the purchaser then said on that day that they were not proceeding with the transaction.
With the transaction falling through, Newmark re-canvassed a short-list of prospective purchasers to determine whether any buyer would be willing to step into the shoes of the original purchaser. Newmark approached six parties, and the original purchaser expressed interest in re-submitting an offer, but the Receiver ultimately selected an offer from Verve.
Financial Position and Creditor Claims
According to the respective Receivers, as of July 31, 2026, Central 1 Credit Union was owed $42,206,830.40, while ACM was owed $29.5 million and IMC was owed $13.9 million. The court-approved sale to Verve is expected to address these outstanding debts.
Verve's Plans for the Ravines
Verve Senior Living announced the acquisition this week, saying the complex began operating as Verve The Ravines on September 22 with the existing staff in place. They intend to invest $20 million in the property over the next two years. Scott Quinney, President of Verve Senior Living, said that they are very excited about The Ravines and what it represents for Verve. He described it as an outstanding community with great people, a strong reputation, and tremendous potential. Their commitment is to invest in the building, invest in the resident experience, invest in team members, and in the future of senior living in the greater Ottawa and Nepean areas.
Ravines Retirement Residence Verve Senior Living Ottawa Receivership Ashcroft Homes David Choo Court-Ordered Sale
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