Concert Income Properties (CIP) has acquired the 10-storey secured purpose-built rental housing building known as The Standard within downtown Vancouver’s Granville Entertainment District.
The 2013-built, award-winning project was originally built and owned by Bosa Properties. It is located mid-block at 1142 Granville Street (between Helmcken and Davie streets) and is particularly distinguished as the building with Domino’s Pizza as a retail tenant.
“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,” said David Podmore, managing director of Concert Income Properties, in a statement.
CIP is one of two entities comprising Concert Properties. The company is owned by various union and pension funds.
The building contains over 34,000 sq ft of rentable residential floor area and 2,300 sq ft of rentable commercial floor area. There are 106 rental homes, along with shared resident amenities such as a fitness gym, tenant lounge, rooftop terrace, storage lockers, bike storage, and underground parking.
“We are excited about furthering this legacy of providing assured rental housing as we assume ownership and operation of The Standard,” said Kerri Jackson, senior vice president of property management for Concert Properties.
The value of the deal was not disclosed, but according to BC Assessment’s 2022 roll, it carries an assessed value of $45.8 million, including $35 million for the structure and $10.8 million for the 9,000 sq ft site.
The building is immediately adjacent to the former Howard Johnson hotel, which is currently used as temporary supportive housing, until it sees a permanent redevelopment, and behind the social housing building with the Yaletown Overdose Prevention Site.
The municipal government is currently in the process of creating an area plan for the Granville Entertainment District, with early directions calling for the removal of existing residential uses through redevelopment to intensify commercial uses that better align with an entertainment district.