Apartment Plus (A+) REIT has purchased the Catalyst Apartments in northwest Calgary for $29 million.

The acquisition is the first in Calgary for the Winnipeg-based REIT, which completed the deal through parent firm Private Pension Partners.

The acquisition the REIT 100% ownership of the property at 1450 20th Ave. N.W. and marks the beginning of the organization’s next growth phase, expanding its portfolio beyond Manitoba as it pursues a diversified national multi-family strategy.

“The Catalyst is an important step in A+ REIT’s growth and geographic diversification strategy,” said Kevin Prins, president of Private Pension Partners. “It provides us with a high-quality entry into the Calgary market, demonstrates the scalability of the P3 platform and is well positioned to deliver durable cash flow, operational upside and long-term value for our unitholders,” .

The acquisition is supported by Canada Mortgage and Housing Corporation-insured financing, a fully leased commercial component, a three-year vendor rental guarantee and a third-party appraisal by CBRE. The REIT said it also expects to improve operating performance as Private Pension Partners expands its property-management platform into Alberta.

Completed in 2023, The Catalyst features rooftop amenities, a tenant lounge, bicycle storage, heated underground parking, storage and parcel lockers. The building also includes approximately 6,000 square feet of fully leased ground-floor commercial space occupied by Village Vet Clinic, Pharmasave, Delish Pizza and Scholars Learning Centre.

The property is located near the University of Calgary, SAIT Polytechnic, Foothills Medical Centre, Alberta Children’s Hospital and the C-train rapid-transit network, providing access to a broad tenant base that includes students, healthcare professionals and academic staff. The REIT said Calgary’s continued population and employment growth are expected to support strong occupancy and rental demand.

To fund additional acquisitions, A+ REIT said it is preparing a special equity offering to provide growth capital while maintaining conservative leverage and supporting stable, growing distributions for unitholders.

Pictured: The Catalyst Apartments in northwest Calgary.

Photo: Private Pension Partners