InterRent Real Estate Investment Trust, a Canadian REIT, and Crestpoint Real Estate Investments have entered into agreements to acquire 15 multifamily properties in metro Vancouver, Canada, for a combined purchase price of $292.5 million.
Under the arrangements, InterRent and Crestpoint will each own a 50 percent interest in the acquisition portfolio. InterRent will property manage the acquisition portfolio.
The acquisition portfolio consists of 15 properties, from six vendors, comprising of 614 residential suites. Nine of the properties are concrete mid-rise apartments and six of the properties are wood frame apartments. The properties are in premium locations in the metro Vancouver submarkets of the West End, Kitsilano/Point Grey, Marpole and South Granville. The properties are situated in core locations within prominent neighborhoods offering superior walkability, access to transit, major employment, recreational amenities, universities and downtown Vancouver
