Concert Income Properties (CIP) is pleased to announce the acquisition of The Standard, a Class A mixed-use multifamily building at 1142 Granville Street in downtown Vancouver.
As one of two corporate entities comprising Concert Properties, CIP maximizes long-term value for investors by acquiring, developing and managing industrial, office and now multifamily residential real estate in Canada.
“We expanded the asset mix of Concert Income Properties in January 2023 to include multifamily residential rental properties, which provides greater opportunities to find quality assets like this. This acquisition marks the first addition of a mixed-use residential rental building to the portfolio and builds on a history of growth and diversification,” says David Podmore, OBC, Managing Director, Concert Income Properties.
Completed in 2013, this 10-storey concrete mixed-used building includes 34,109 square feet of net rentable residential area and 2,316 square feet of net rentable commercial area, situated in the heart of Vancouver’s entertainment district on a 9,000 square foot site. ”We are very pleased to add this building to CIP’s asset mix as we strive to deliver industry- leading returns to our shareholders,” says Paula Benham-Parker, Vice President, Investments, Concert Properties.
“Since 1989, Concert Properties has proudly developed and managed purpose-built rental buildings for communities across Canada,” says Kerri Jackson, Senior Vice President, Property Management, Concert Properties. “We are excited about furthering this legacy of providing assured rental housing as we assume ownership and operation of The Standard.”
The pet-friendly building includes 106 residential suites and has two fully leased commercial retail units facing Granville Street. Amenities include a fitness centre, tenant lounge, rooftop terrace, storage lockers, bike storage and underground parking.
The Standard was developed by Bosa Properties and has been owned and managed by the company since it was completed in 2013 and won the 2014 UDI Award for Best Affordable Project. Bosa Properties and Concert Properties have a 30-year relationship built on trust and shared values.
About Concert PropertiesSince 1989, Concert Properties has proudly been developing, acquiring and managing Canadian real estate in pursuit of building a people-first future. We develop, own and manage rental apartments and seniors’ active aging communities; develop condominium homes; and develop, acquire and manage industrial and commercial properties through our two corporate entities, Concert Real Estate Corporation and Concert Income Properties. Through Concert Infrastructure, an independent corporate entity, essential public infrastructure projects are invested in, developed and managed. We have grown to over $9 billion in assets, including $3.3 billion in infrastructure. Owned by union and management pension plans and institutional investors representing over 200,000 Canadians, our vision is to create resilient, inclusive and sustainable communities across Canada. See ConcertProperties.com for more information.
About Concert Income PropertiesFormed in 2016, Concert Income Properties is one of two corporate entities comprising Concert Properties and maximizes long-term value by acquiring, developing and managing industrial, office and multifamily residential real estate in Canada. Supported by Canadian pension funds and institutional investors, this open-ended, limited partnership Canadian fund has delivered exceptional returns since inception, with an asset value of nearly $2.9 billion and 12.5 million square feet of leasable area. See ConcertProperties.com for more information.