Fiera Real Estate has acquired four Calgary multi-family rental buildings from two different sellers.

Three of the buildings are located in the 400-acre Quarry Park district in the city’s southeast, where many new developments are occurring. The other asset is located in the well-established Marda Loop area of southwest Calgary.

The assets were acquired in two separate transactions through the Fiera Core Real Estate Fund, the company announced in a pair of news release. Both Fiera Real Estate and the fund fall under the ownership of Toronto-based Fiera Capital.

Fiera did not identify the seller, and financial terms were not disclosed. But according to multiple reports, the Quarry Park buildings were acquired from the Calgary-based Remington Development Corporation, which developed them. And, and the Marda Loop property was purchased from Sarina Homes, according to one report.

In the larger deal, Fiera purchased three 13-storey rental-apartment buildings known as the deVille at Quarry Park.

“The acquisition aligns with the CORE Fund’s investment strategy, which targets well-located assets in key markets,” said Fiera. “Calgary’s multi-residential market continues to demonstrate strong fundamentals, supported by favourable demographic trends and economic drivers. Quarry Park’s appeal as a live-work-play community further enhances the long-term potential of this investment.”

The buildings were constructed during the past two years and comprise 333 units altogether, including 256 one-bedroom and 77 two-bedroom apartments.

“We believe residents will benefit from close proximity to corporate campuses, a grocery store, a fitness centre, the Quarry Park Public Library, and other conveniences, all within walking distance,” said Fiera.

The other acquisition is a newly developed property comprising 123 units. Known as Hudson Marda Loop, it contains a mix of one-, two-, and three-bedroom apartments, along with live-work units and a single ground-floor retail space.

“This acquisition represents a valuable addition to the CORE Fund’s $4.6-billion portfolio,” said William Secnik, senior managing director and fund manager for the CORE Fund.

He said the deal also positions Fiera

Photo: Remington Development