Concert Income Properties (CIP) has acquired The Standard, a class-A, mixed-use apartment building at 1142 Granville St. in downtown Vancouver.
“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,” David Podmore, CIP’s managing director, said in Monday's announcement.
“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.”
The Standard was developed by Vancouver-owned Bosa Properties Inc. and has been owned and managed by the company since it was completed in 2013. The development won the 2014 UDI Award for Best Affordable Project.
Formed in 2016, Vancouver-based CIP is one of two corporate entities which comprise Concert Properties. It acquires, develops and manages office and multiresidential real estate in Canada.
Supported by Canadian pension funds and institutional investors, CIP has an asset value of nearly $2.9 billion and 12.5 million square feet of leasable area.
The creation of CIP was sponsored by Concert Real Estate Corporation (CREC) which retains a majority interest in the entity. The fund is managed by Concert Realty Services Ltd., a wholly owned subsidiary of CREC.
CIP and The Standard
Completed in 2013, the 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 Vancouver’s entertainment district on a 9,000-square-foot site.
Financial terms were not disclosed.
“Since 1989, Concert Properties has proudly developed and managed purpose-built rental buildings for communities across Canada,” said Kerri Jackson, Concert Properties’ senior vice-president of property management.
“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.
Concert Properties’ future developments
The acquisition is also one of the first major moves under Concert's new president and CEO. At the beginning of September, Concert Properties welcomed Christine Bergeron to the positions which had previously been held by Podmore.
She steps into a firm that has over $2 billion in projects under construction or planned over the next five years.
Bergeron was most recently the president and CEO of Vancity, Canada’s largest credit union with over $33 billion in assets under administration.
“Given her impressive experience and background, her inclusive and collaborative leadership style and her alignment with our principles, values and culture, I am confident in Christine’s ability to successfully lead Concert Properties to continued growth and prosperity,”
Podmore said when her hiring was announced. Podmore continues on in the role of Concert's board chairman.