Manulife Financial has bought a North Vancouver rental-townhouse complex from KingSett Capital for $48 million, paying less than the property sold for four years ago.

The insurer acquired Twin Lakes by purchasing the company that owned the property. The deal for the 57-unit community, comprising seven buildings at 3701–3817 Princess Ave., closed July 30. The price works out to roughly $842,105 a unit.

KingSett had paid $52.5 million for the 9.44-acre property in 2022. The latest sale price is $4.5 million lower, even after more than $1.5 million was invested in upgrades.

The property generates about $2.26 million in annual net operating income, representing a 4.7% return on the $48-million purchase price before financing costs and taxes.

JLL Capital Markets marketed Twin Lakes and arranged the sale.

The transaction adds a relatively rare form of rental housing to Manulife’s real estate portfolio. Unlike the apartment towers that account for much of Metro Vancouver’s purpose-built rental stock, Twin Lakes consists of townhouses spread across a low-density site.

The discount to the 2022 price comes as higher interest rates and borrowing costs continue to influence valuations across Canada’s commercial real estate market. Multifamily properties have remained attractive to large investors because of strong rental demand, although buyers have become more disciplined about pricing as financing conditions tighten.

The 9.44-acre holding gives Manulife significant land exposure on the North Shore, where development sites are scarce and housing costs are among the country’s highest. No plans for redevelopment or further capital spending were disclosed as part of the transaction.