Global investor BGO has acquired two purpose-built residential assets in Toronto and Victoria, growing its Canada footprint.
The acquisitions, made on behalf of an unnamed institutional investor, comprise the remaining 50% interest in Pivot, a recently constructed 36-storey, 361-unit rental community in North York, Toronto, and The James, a 12-storey, 219-unit property in Victoria, British Columbia.
Together, the investments reflect BGO’s conviction in high-quality, institutionally managed rental housing located near employment, transit and daily amenities in established Canadian markets, the company said.
Adam Hagedorn, managing director, portfolio management, BGO, said: “Our conviction in purpose-built rental housing reflects a long-term view on the value of high-quality assets in major Canadian markets.
“Pivot and The James demonstrate how we are putting that conviction into practice for our client’s real estate portfolio, adding differentiated residential assets in Toronto and Victoria where we see durable demand for well-located, amenity-rich rental housing.”
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