InterRent, Crestpoint to buy Vancouver, British Columbia, residential portfolio

Canadian multifamily real estate investment trust InterRent REIT and commercial real estate investment manager Crestpoint Real Estate Investments Ltd. agreed to purchase a 15-property residential portfolio in metro Vancouver, British Columbia, for C$292.5 million from six unnamed vendors.

Under the agreement, the two companies will each own a 50% stake in the portfolio. InterRent will act as property manager and collect industry-standard fees.

The portfolio consists of nine concrete mid-rise apartments and six wood-frame apartments with a combined total of 614 residential suites spread across the West End, Kitsilano/Point Grey, Marpole and South Granville submarkets.

The properties are at 1885 Barclay St., 1924 Barclay St., 1580 Haro St., 855 Jervis St., 1270 Nicola St. and 1461 Harwood St., 1326 W. 13th Ave., 1355 W. 14th Ave., 2280 W. 6th Ave., 2040 York Ave., 4640 W. 10th Ave., 8675 French St., 8740 Cartier St., 8790 Cartier St., and 1373 W. 73rd Ave.

The transaction, which is set to be completed Jan. 28, will be funded through a combination of cash and new short-term debt of about C$190.1 million.