- What Manulife Investment Management has bought a 24-storey rental tower in Calgary’s East Village
- Why Arris East represents a significant Calgary acquisition for the company
- What next Calgary’s East Village is undergoing a multiyear transformation
Manulife Investment Management has purchased a 190-unit rental tower in Calgary for $100m, Green Street News can reveal.
The purchase price for the 24-storey Arris East, built and sold by Bosa Development, works out to roughly $526,000/unit. CBRE brokered the deal, which closed in June.
The property was completed in 2021. It has one- to three-bedroom units with views of the Bow River and Calgary’s skyline. Amenities include a heated indoor pool, a fitness centre, study rooms and a terrace.
Arris East sits atop a 170,000 sq ft retail centre with restaurants and shops, including Real Canadian Superstore.
The property, at 505 Fourth Street SE, is in the transforming East Village neighborhood and is a kilometre northeast of the Calgary Tower. The building is next to Arris Residences, a 41-storey condominium tower.