Bluevale Capital Group has expanded to Metro Vancouver through the purchase of a 21-unit suburban apartment building. Toronto-based Bluevale announced that it has acquired the waterfront Mariners Apartments in the Haney district of Maple Ridge, B.C. The firm indicated that it will upgrade the site in the near future. The seller and purchase price were not disclosed. Bluevale closed the acquisition with mortgage financing from Toronto-based institutional investor and asset manager Kingsett Capital. “There has been a 10% spike in population growth in Maple Ridge in the last five years, which is double the rate of Vancouver; with that growth rate and the lack of available affordable housing, we were very keen on this specific area,” said Jefferson Huang, Bluevale’s co-founder and managing director in a news release. Co-founder Samuel Karamanis said the apartments are “already at 25% vacancy” and an optimization phase is six-to-eight months ahead of schedule.