- What Minto REIT and an unnamed life insurance company have purchased Lonsdale Square in North Vancouver
- Why The purpose-built rental property has 113 units
- What next Minto’s share of the purchase is funded by assuming a mortgage that matures in 2034
Minto Apartment REIT and an unnamed life insurance company have each bought 50% of a new purpose-built rental property in North Vancouver for a total of $111.5m.
Minto has a managing interest in the 113-unit Lonsdale Square, which has ground-floor retail space occupied by a brewpub and a pharmacy. The building, at 126 21st Street East, has car-charging stations, on-site management and security-controlled access.
The capitalization rate is in the low 4% area.
Minto said it is financing its share of the purchase price by assuming a $52.96m CHMC-insured mortgage. The debt has a 3.9% annual interest rate and matures in 2034.
Ottawa-based Minto said the purchase is its first in the Metro Vancouver market.
