Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has sold its land-lease interest in International Plaza, a mixed-use property in North Vancouver, B.C., to Nch’ḵay̓ Development Corporation for $54.2 million.

Built in 1975, the unencumbered International Plaza includes 471 residential suites and 11 commercial units totalling more than 65,000 square feet of leasable space. Nch’ḵay̓ is the economic development arm of the Squamish Nation.

“We’re honoured to take part in a transaction that transfers land back to the Squamish Nation, and contribute to their journey towards expanded economic leadership in the region, and in particular the growth of First Nations representation in the residential real estate industry in Canada,” said Mark Kenney, the REIT’s president and CEO.

CAPREIT is Canada’s largest publicly traded provider of rental housing. As of June 30, 2025, it owned approximately 45,400 residential suites and townhomes across Canada and the Netherlands, with a total fair value of about $14.5 billion.

Pictured (from left to REIT): Jennifer Podmore Russell, chief development officer at Nch’ḵay̓; Mindy Wright, Nch’ḵay̓’s CEO; and, Mark Kenney, president and CEO of CAPREIT, at International Plaza in North Vancouver, B.C.

Photo: CAPREIT