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Pacific Canada  + Ontario  + Apartments  | 
Bluevale Capital has expanded to Metro Vancouver through an apartment-building acquisition

Bluevale Expands to Vancouver with Apartment Building Purchase

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.

Inside The Story

Bluevale Capital GroupMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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