BGO Acquires Toronto, Victoria Rental Assets Totalling 580 Units
BGO has acquired two Canadian rental assets totalling 580 units on behalf of an institutional investor, adding properties in Toronto and Victoria to its purpose-built rental portfolio.
The transactions include RioCan’s remaining 50% interest in Pivot, a 36-storey, 361-unit rental tower at 35 Greenfield Ave. in North York. The acquisition gives BGO’s institutional investor full ownership of the property after holding a 50% stake since 2021.
Completed in 2020, Pivot is located at Yonge Street and Sheppard Avenue and has direct interior access to the Sheppard-Yonge TTC interchange and Yonge Sheppard Centre.
BGO also acquired The James, a 12-storey, 219-unit rental property at 345 Quebec St. in Victoria’s James Bay neighbourhood, from Nicola Wealth.
The former hotel was converted to rental housing in 2020 and underwent a major capital improvement that included building-system upgrades, suite renovations, façade work and fire and safety improvements.
The James is within walking distance of downtown Victoria and the provincial legislature.
BGO said the acquisitions reflect its continued focus on purpose-built rental housing in major Canadian markets.
The purchase prices were not disclosed.
Pictured: Pivot, a 361-unit rental tower at 35 Greenfield Ave. in Toronto.
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Rick Recckio
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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Andrew Schildcrout