Equiton has expanded to the West Coast with the purchase of a multi-family rental complex in the Vancouver suburb of Burnaby, B.C.

Burlington, Ont.-based Equiton acquired Mountain Park Residences, a 117-unit complex. An Equiton spokesman told Connect that the purchase price was approximately $45.6 million. Mountain Park is located at 7070 Inlet Drive in Burnaby’s Westridge district.

Equiton purchased the asset through its Apartment Fund. The property offers condo-style amenities such as a pool, fitness centre, and secure underground parking, with many units featuring North Shore mountain views in a picturesque area situated near Burrard Inlet and just off thoroughfares leading to more distant suburbs and Simon Fraser University on Burnaby Mountain.

“Reaching the West Coast is the start of an exciting new chapter in Equiton’s growth,” said Jason Roque, CEO and founder of Equiton. “As we continue to explore strategic acquisitions in key markets, our focus remains on building a resilient portfolio that provides the solid returns investors expect in all types of markets.”

The acquisition marks the Apartment Fund’s 10th addition in just over a year and expands its presence in Western Canada. The fund now holds 44 properties with a total of 4,031 units.

“Metro Vancouver is a natural next step for the Apartment Fund,” said Ryan Donkers, the company’s vice-president of investments. “We’ve been closely watching Burnaby’s dynamic growth and sustained demand. When falling rates and attractive property valuations came together in the current environment, it created an unmissable opportunity to add long-term growth.”

Equiton Living, the firm’s property management arm, will oversee Mountain Park Residences, offering on-site managers, community programming, and other resident services.

Equiton is a Canadian private-equity real estate investment firm that specializes in acquiring multi-residential properties and enhancing their value through active management, providing investors with monthly distributions and potential capital appreciation.

Pictured: Mountain Residences in Burnaby, B.C.

Photo: CNW Group/Equiton