NexLiving Communities Inc. announced its acquisition of 16 multi-family properties with 991 units in eastern Ontario and Québec from Devcore Group Inc. for a transaction valued at approximately $31.7 million in share consideration and the assumption of $166 million in mortgage debt. This acquisition, appraised at $224 million, expands NexLiving's portfolio by 85% to 2,157 units, enhancing its presence in high-growth secondary markets. The transaction is set to close by the end of the second quarter of 2024, pending NexLiving shareholder approval and regulatory clearances. Post-acquisition, Jeff York from Devcore will become Chairman of NexLiving's board. NexLiving plans to leverage the acquisition to further its growth strategy and reduce debt. Legal counsel for NexLiving was Stikeman Elliott LLP, with Cormark Securities Inc. as financial advisor and Norton Rose Fulbright LLP as legal counsel for Devcore.