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Canadian JV to Pay $293M for Vancouver Portfolio


Canadian JV to Pay $293M for Vancouver Portfolio
A partnership of InterRent REIT and Crestpoint Real Estate Investments is set to acquire 15 multifamily communities.
Jan122021
Image via Google Street View
A partnership of InterRent Real Estate Investment Trust and Crestpoint Real Estate Investments will acquire 15 multifamily properties in Vancouver for $292.5 million, the companies announced. The communities will be purchased from six different sellers, none of which were disclosed by the real estate firms.
The purchase will be financed with a combination of cash and new short-term debt of $190.1 million. Ottawa-based InterRent and Toronto-based Crestpoint will each own a 50 percent interest in the apartment portfolio once the deal closes, which is expected to be later this month. InterRent will serve as property manager for the 15 apartment buildings. ....

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Ontario investment firms buy 15 rental buildings in Vancouver for $293 million


Ten of these properties totalling 411 residential units are owned by Vancouver-based Hollyburn Properties, which listed the properties for sale on CBRE last fall. The remaining units are being acquired from five unnamed parties.
A release states InterRent will manage the properties, and the acquisitions will be financed by a combination of cash and new short-term debt of about $190 million. The acquisitions are slated to close before the end of this month.
“Vancouver Legacy Portfolio” of rental housing properties listed for sale by Hollyburn Properties. (CBRE)
This portfolio provides newcomer InterRent with critical mass in Metro Vancouver, where rental housing demand is exceptionally strong. ....

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Sold (Bought): Renovated Dunbar home features two separate mortgage helpers


Listing agent: Ryan Hayes at Royal LePage Sterling Realty
Buyers agent: Guy Christie at Oakwyn Realty
The big sell: This one-bedroom corner suite in New Westminster’s Grove complex enjoys views across a green space opposite as well as nearby access to Queen’s Park, major bus routes, a SkyTrain station and other amenities. The kitchen features granite countertops, stainless-steel GE appliances, a built-in microwave, a garburator, a subway tile backsplash, and an eating bar. The living room has an electric fireplace and expansive windows to capture the vistas, as well as access to a covered deck with a glass privacy wall. The master bedroom also has deck access plus a walk-in closet. There is an insuite washer and dryer plus storage space and the unit comes with a parking stall and a monthly maintenance fee of $382.74. Pets and rentals are permitted. ....

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