Crestpoint Real Estate Investments and Anthem Properties have acquired a downtown Vancouver multi-family rental-apartment development site for an undisclosed price.

The property is located on a 0.4 acre site on the southwest corner of Thurlow and Burnaby streets. Plans call for a 32-storey concrete purpose-built apartment building comprised of 300 units, including one-, two- and three-bedroom suites and a range of indoor and outdoor amenities.

Toronto-based Crestpoint purchased a 77% interest while Vancouver-based Anthem holds a 23% stake. The transaction was the initial deal completed through the new Crestpoint Opportunities Real Estate Strategy Fund, the company’s first closed-end product.

“Since Crestpoint’s inception in 2010, some of our best investments have been in periods characterized by the market volatility and dislocation we see today,” said Kevin Leon, CEO of Crestpoint in a news release. “We believe it’s a compelling investment environment.

“We expect to use multiple strategies to create and capture value, including repositioning undermanaged assets, recapitalizing properties with weak balance sheets and renovating existing buildings to higher standards.”

Crestpoint is a commercial real estate investment manager focused on providing investors with direct access to a diversified portfolio of equity and debt investments.

The new fund is focused on capital appreciation through investments in Canadian commercial properties. It has a 12-month capital raising period and eight-year term and is designed for institutional investors seeking access to a portfolio that outperforms those containing core real estate assets.

Following the success of the initial capital raise, the fund will offer subsequent closings to allow more investors to participate,. The next close is expected to occur in the fourth quarter of 2024.

Rendering: CNW Group/Crestpoint