Vancouver-based Concert Properties has acquired The Standard at 1142 Granville Street in Vancouver, the company announced this week.
The Standard (not to be confused with Anthem Properties' upcoming project in Burnaby, also called The Standard) is a 10-storey rental building with 106 units and two commercial retail units on the ground floor — a Granville Pharmacy and a Domino's Pizza — that was developed by Vancouver-based Bosa Properties and won the Urban Development Institute's Best Affordable Project award in 2014.
"Completed in 2013, this 10-storey concrete mixed-used building includes 34,109 sq. ft of net rentable residential area and 2,316 sq. ft of net rentable commercial area, situated in the heart of Vancouver’s entertainment district on a 9,000 sq. ft site," said Concert Income Properties, one of the two corporate entities that make up Concert Properties.
Concert Income Properties "maximizes long-term value for investors by acquiring, developing, and managing industrial, office, and now multi-family residential real estate in Canada," the company said.
"We expanded the asset mix of Concert Income Properties in January 2023 to include multi-family residential rental properties, which provides greater opportunities to find quality assets like this," said Concert Properties Co-Founder and Managing Director of Concernt Income Properties David Podmore. "This acquisition marks the first addition of a mixed-use residential rental building to the portfolio and builds on a history of growth and diversification."
Podmore was the President and CEO of Concert Properties until Christine Bergeron took over the role in September, after announcing in April that she would be leaving Vancity, where she was President and CEO.
Asked why the company decided to sell the building and what the asking price was, Bosa Properties confirmed the sale but did not share the price or elaborate on the decision to sell the property.
"Since first entering the rental market with The Standard in 2013, Bosa Properties has continuously evolved our rental offering," the company said in a statement to STOREYS. "We are confident that Concert Properties will uphold the legacy of this award-winning building and we remain focused on continuing to deliver much-needed solutions for renters, with a growing pipeline of more than 3,000 rental homes across Greater Vancouver."
Both companies emphasized their long 30-year relationship with one another. Through its construction subsidiary Bosa Construction, Bosa Properties has built several projects for Concert Properties, including the recent Heart of Burquitlam.
The sale was brokered by Bob Levine, Jason Mah, Michael Emmott, and Brendan Hannah of Avison Young, with the sales process beginning in late 2022. According to the listing, the property holds "very attractive assumable financing of $29.9 million at 1.57% with more than seven years of term remaining" and has a projected operating income of $1.8M to $2.6M across the next five years.