Vancouver Sun: Two Ontario-based real estate investment trusts announced their $292.5 million purchase of 15 rental apartment buildings
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Two Ontario-based real estate investment trusts announced their $292.5 million purchase of 15 rental apartment buildings in Vancouver’s West End, South Granville, West Point Grey, Kitsilano and Marpole areas.
Ottawa’s InterRent REIT and Toronto’s Crestpoint REIT said in a news release that they’re under contract to buy the portfolio of older rental buildings, which include a total of 614 units. The companies expect the sale to close Jan. 28, 2021.
The deal comes as commercial brokers have said that real estate investment trusts, and other financial companies that make investments so they can pay shareholders, are increasingly interested in buying rental apartment buildings in Vancouver and B.C., and there is an accelerating trend away from mom-and-pop or larger, family run company landlords.
