Deal marks the fourth-largest apartment transaction in the city this year
The 110-acre site also has farmland and three houses
Focusing on growing the firm's Alberta business
A joint venture option is also on the table
The property is recognized as a national historic site
The vendor is asking $52.5m for the 5-acre parcel
The property is designated for residential development
The Ontario-based company hopes to further expand in the Pacific province
The Vancouver-based firm is looking to appeal to the average investor