The Equiton Residential Income Fund Trust (Apartment Fund) has acquired a 117-unit rental complex in Burnaby, B.C. from a Vancouver-based private ownership group for $45.625 million.

The acquisition is Burlington, Ont.-based Equiton’s 10th in just over a year and is its first in British Columbia, after moving into the Alberta market last year from its Ontario stronghold.

“We've been sniffing around B.C. for the last couple years, doing our research, and we liked the size of this one,” Equiton vice-president of investments Ryan Donkers told RENX. 

“It was a medium-sized deal so it attracted a certain pool of buyers. Today's market is a little softer, so buyers have lots of opportunities to try and execute on. If you have capital today, you definitely have a choice.”

The Burnaby apartment complex

Mountain Park Residences, a 57-year-old apartment complex at 7070 Inlet Dr. in the residential neighbourhood of Westridge, features a swimming pool, fitness centre and underground parking. Many units offer mountain views and there’s green space across the street. 

“The previous owner took it from the value-add stage to the core-plus stage,” Donkers said. “They did a lot of the renovation work, the cap ex required, and they turned some of the suites.”

Equiton Living, the private equity real estate investment firm's in-house property management arm, will oversee Mountain Park Residences and provide residents with access to on-site managers, community programming and other services.

A grocery store, coffee shop and pharmacy are minutes away from Mountain Park Residences. Burnaby Mountain Park, home to Simon Fraser University and one of the region’s most scenic destinations, is directly to the east. The location also offers convenient access to downtown Vancouver's urban amenities and employment hubs via the Barnet Highway.

Burnaby’s population has grown by 62,000 people over the past 10 years and, owing to surging demand, the city has become one of Canada's most expensive rental markets.

Equiton and its Apartment Fund

Equiton employs more than 250 people and had 50 properties under management in 18 primary and secondary markets, valued at approximately $1.5 billion, as of June 30. The firm has more than 16,800 retail and wholesale investors.

Equiton’s open-ended Apartment Fund, which specializes in acquiring multiresidential properties and increasing their value through active management, now comprises 44 properties with 4,031 units. The fund had approximately $1.3 billion in assets under management as of June 30.

The Apartment Fund is used to acquire value-add, core-plus and newly constructed buildings, as well as for some development.  

Investors benefit from monthly distributions from rental income and capital appreciation from property value increases. The fund has a targeted annual net return of eight to 12 per cent.

Equiton’s growing Western Canada presence

Equiton’s Apartment Fund acquired the 18-storey, 175-unit Central Tower apartments at 2610 109 St. NW in Edmonton last month. The firm now owns four properties with more than 700 residential units in Alberta.

“For the rest of 2025 we’re looking at getting some more Western Canada properties and, in 2026, I see us being flexible and open to Ontario, Alberta and B.C.,” Donkers said.

Equiton’s westward expansion diversifies its portfolio and provides it with exposure to new apartment markets. The firm had earlier interest in British Columbia but Donkers said it had been challenging to buy there, because many investors were looking to deploy capital in the province.

“Then we saw a window of opportunity, with some capital on the sideline today given the various market conditions,” Donkers observed. “We saw an opening where there are some great assets available and less competition than we've typically seen in British Columbia, so that's why we're trying to take advantage of that window to pick up some more high-quality assets for our fund.”

Maison Riverain

Equiton is also actively developing in Ottawa, where it is partnered with main + main on Maison Riverain, a three-phased high-rise residential and commercial project on a 4.2-acre site at 280 Montgomery St. 

Occupancy for the first phase, a 22-storey building, began in April. Shoring and excavation are underway for a 28-storey building where occupancy is planned for the third quarter of 2027. The third building, which has yet to be started, will have 32 storeys.

Maison Riverain will have more than 1,100 residential units and approximately 20,000 square feet of commercial space upon completion.

Proposed future developments

The estimated completion value of Equiton’s 1.6-million-square-foot development pipeline, encompassing approximately 2,200 residential units, is $1.62 billion. Several of the projects are in Toronto:

• Equiton is seeking approvals to build Wilson Station Condos, with approximately 300 units in an approximately 14-storey building, at 1-11 Vinci Cres.
• The firm is also seeking approvals for Ten99 Broadview, a condo with 14- and 16-storey buildings rising from a shared podium with approximately 375 residential units and ground-floor commercial space, at 1099 Broadview Ave.
• Equiton is seeking site plan approval for Sandstones, a 13-storey condo with approximately 250 residential units and 12,000 square feet of commercial space, at 2257 Kingston Rd.
• The company is seeking site plan approval for Vicinity Condos, an 11-storey building with 152 residential units and 2,562 square feet of commercial space, at 875 The Queensway.

Equiton is exploring other development opportunities, and some apartment properties it already owns have intensification potential, according to Donkers.