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Vancouver-based pension plan investor QuadReal has acquired four class-A multifamily residential properties, adding approximately 1,400 apartments to its portfolio in the U.S. cities of Denver, Charlotte, Phoenix and Washington, D.C.
The announcement this week states the stabilized portfolio is focused on “high conviction submarkets boasting exceptional fundamentals”.
"Multifamily residential is an area of key conviction for QuadReal, and these assets are well-positioned with excellent walkable retail amenities, easy access to public transportation, and located in dense employment areas," Daniel Gliksman, managing director of QuadReal, stated in the announcement.
The new acquisitions are:
- Beacon85, located in Denver's Lakewood North area, which offers 343 modern residential units;
- Bradham features 432 apartments in Charlotte's South End, amidst high economic and population growth, located on the city's light rail transit line;
- Maris, located in Annapolis Town Center, is equidistant to Washington D.C. and Baltimore. The property spans 293 units in a "highly desirable established residential area with compelling employment, educational and retail drivers"; and
- Nexa in Tempe (Phoenix), provides 399 units immediately proximate to Arizona State University with close access to rail, air and road transport links in the Tempe submarket.
Financial details were not disclosed.
QuadReal expanding multifamily portfolio
"QuadReal is focused on building a best-in-class portfolio. We are highly selective about the assets we acquire, and this investment expands our portfolio in targeted U.S. submarkets while also delivering strong risk-adjusted returns,” Jonathan Dubois-Phillips, president, international real estate at QuadReal Property Group, said in the announcement.
QuadReal has been steadily expanding its direct-owned and self-managed residential portfolio in the United States. The firm will oversee operations, leasing and capital investment for the properties, with property management services outsourced to a third-party provider.
It is expanding via both acquisitions and development partnerships, including the recent delivery of Spectra, a mixed-use, 187-apartment luxury building in Redmond, Wash., in a venture with Quarterra Multifamily.
They are also partners in the nearby 284-suite luxury project The Piper. Both are in the city’s Marymoor submarket.
In Canada, among numerous other projects, QuadReal is developing 30 Merton, a 37-storey multifamily tower in Toronto’s Davisville community, featuring over 300 apartments and ground-floor retail. That building is slated for occupancy in late 2025 or early 2026.
About QuadReal Property Group
QuadReal Property Group is a global real estate investment, operating and development company with assets under management of approximately $77.6 billion. It is the real estate investment and management arm of BCI Management Corp.
From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets.
QuadReal invests directly, via programmatic partnerships and through operating platforms in which it holds an ownership interest.
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