Ottawa-based Minto Properties Inc. says it has acquired its first residential rental property outside its home province with the purchase of a 752-unit Calgary portfolio.
The Minto Group subsidiary intends to renovate and make capital improvements to the 18 buildings, which officials say will support future growth in Western Canada.
“Minto is in a period of strategic growth and we’ve long held a policy of diversification,” said Minto Properties president Rob Pike in a statement.
A Minto spokesperson said the transaction closed on Aug. 23, but declined to provide the purchase price or name of the vendor.
Cached Google records suggest the properties were previously managed by Western Securities Ltd.
The specific properties are:
- Applewood Village, located to the east of downtown Calgary and consisting of 378 suites in seven three-storey buildings;
- Glenmore Estates, located south of downtown and consisting of 193 suites in five buildings ranging from three to four storeys in height;
- Woodlands Manor, located just south of Glenmore Estates and consisting of 181 units in four low-rise buildings as well as 17 townhouses in two blocks.
In early 2011, Minto expanded into London, ON, with the purchase of 2,326 rental units and a shopping mall. In total, Minto Properties manages more than 17,000 residential rentals in Ontario. Its commercial portfolio includes more than three million square feet of office, retail and industrial space.
Along with operations in Toronto, The Minto Group is also active in Florida, where it picked up the balance of about 1,000 lots in a largely built-out retirement community late in 2010.