ProCura’s WSP Place, adjacent lots in Edmonton under receivership; $55M owing

“These are very core assets,” BGO managing director of portfolio management Adam Hagedorn told RENX. “Our intention is to continue to invest in the buildings to maintain their institutional quality and benefit from the long-term tailwinds we see within those two specific sub-markets.”

BGO manages more than 12,000 multifamily units in Canada. It owns multifamily properties in Ontario markets including Toronto, Mississauga, Pickering, Kitchener, Waterloo and Cambridge. It also owns apartment buildings in and around Vancouver, Victoria, Calgary and Edmonton in Western Canada.

“We continue to look at assets that are highly amenitized and have good transit connectivity,” said Hagedorn. “We prefer markets that are supply-constrained and our demand for additional multifamily asset acquisitions remains very robust and intact.”

Hagedorn believes the supply overhang that exists in a lot of Canadian major markets, with Victoria perhaps being an exception, will disappear and a more balanced market will return in the next couple of years.

Pivot

Pivot, which sits on 8.32 acres at 35 Greenfield Ave., was built in 2020. It’s connected to the RioCan-owned Yonge Sheppard Centre mixed-use retail and office complex and the Toronto Transit Commission’s Sheppard-Yonge station while providing convenient access to a range of retail, dining and convenience amenities.

The 36-storey, 361-unit building has 195 one-bedroom units, 30 one-bedroom plus den units, 134 two-bedroom units and two three-bedroom units. The average unit size is 714 square feet.

Pivot’s amenities include a fitness centre and yoga studio, outdoor terraces, a resident lounge, shared work space, a dog run, a pet spa and a 24-hour concierge. It has 327 below-grade parking stalls and four elevators.

The occupancy rate at the time of acquisition was in the high 90 per cent range, according to Hagedorn.

“We continue to see a path towards improving that occupancy even further, closer to 100 per cent, given the strong demand for that node and that asset in particular,” he added.

BGO Living and Rhapsody Property Management Services will continue to property manage Pivot.

Acquisition details for Pivot

BGO has held a 50 per cent stake in Pivot since 2021, when in the same deal it also acquired 50-per cent non-managing shares in two Greater Toronto Area grocery-anchored retail assets — RioCentre Oakville and Spring Farm Marketplace in Thornhill — from RioCan for $151.2 million.

TD Securities was the broker for this most recent deal involving Pivot. The 50 per cent stake was acquired for $95.7 million.

“We’ll benefit from the asset's strong location, the awesome amenities that exist at the site, the connectivity to the Yonge-Sheppard subway stop, and the overall broader community of Yonge and Sheppard,” said Hagedorn.

“We quite like the asset. We have a good operating understanding of the property, given our prior ownership, and have a lot of conviction in the go-forward rental projection for the asset.”

“The sale of Pivot at 35 Greenfield Avenue aligns with RioCan's strategy to focus on its core, necessity-based retail business in Canada's major markets,” said a statement provided by RioCan chief investment officer Andrew Duncan to RENX by email. 

“Additional details regarding the transaction will be provided in the normal course as part of RioCan's third quarter 2026 disclosure.”

The James

The James, located at 345 Quebec St. in Victoria’s historic James Bay neighbourhood, is a 12-storey property comprising 219 rental units.

The James was acquired from an unnamed institutional investor for an undisclosed price.

“We think it's the best asset in the James Bay neighbourhood,” said Hagedorn. 

“The James was built in 1973, originally as an apartment building, and then it was converted to a hotel at some point between 1973 and when the previous owner reconverted it back to purpose-built rental in 2020.”

The James underwent an extensive capital improvement program that year, including upgrades to major building systems, façade work, suite renovations and fire and life-safety systems. 

Hagedorn said the previous owner also took part of the property’s courtyard and built more units on it. So, there’s no additional density that can be intensified.

Amenities at The James include an indoor pool, a fitness centre, shared work space and a private courtyard. It’s within walking distance of downtown Victoria and the provincial legislative precinct.

The property has a track record of very strong occupancy and operating performance, and BGO was impressed by the way it performed through the last five years, which have been a bit challenging for the multifamily asset class.

The occupancy rate at the time of acquisition was in the high 90 per cent range, according to Hagedorn.

BGO Living has been, and will continue to be, the property manager for The James.

Acquisition details for The James

The James was acquired from an unnamed institutional investor for an undisclosed price in a deal brokered by Avison Young after a two-round bid process.

“The seller of The James had been looking to monetize the asset for about a 12-month period, and they were working through their process in terms of pricing and price discovery,” said Hagedorn.

“There was other institutional interest in The James and we're pleased with being the successful bidder for the asset. We had a really smooth transaction with the seller, and a really good due diligence period as well, working through the property underwriting with the seller.”

BGO acquired The BluePrint Residences in Greater Victoria last December. It was a newly constructed multifamily community sitting on 5.2 acres at 15-23 Erskine Lane in View Royal, comprised of four five-storey buildings totalling more than 218,000 square feet and providing 336 housing units and 356 parking stalls.