A major Toronto-based institutional investment firm has made its first foray into the National Capital Region’s multi-family housing market with a $63-million deal for a Gatineau luxury apartment complex.
Manulife Investment Management said Wednesday it’s acquired Le Vibe, a development on Dollard-des Ormeaux Street fronting Maisonneuve Boulevard in downtown Gatineau that includes a pair of eight-storey buildings with a total of 181 rental suites.
In a statement, Manulife said the transaction is part of a plan to diversify its real estate portfolio. It’s the company’s fourth Canadian multi-family residential acquisition this year.
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“Multi-family investments have shown resiliency through recent market cycles providing stable cash flows and long-term growth potential,” Gregory Sweeney, Manulife Investment Management’s head of Canadian real estate investments, said.
Gatineau-based developer Boulet Construction previously owned the three-year-old Le Vibe complex, which features a mix of one-, two- and three-bedroom units as well as amenities such as a gym and yoga studio.
The deal marks Manulife’s first residential investment in Ottawa-Gatineau. The company already owns 21 commercial and industrial properties in the region, including office towers at 150 Slater St., 220 Laurier Ave. W. and 55 Metcalfe St.
The company owns 63 million square feet of office, industrial and retail space as well as more than 6,000 multi-family units in Canada, the U.S. and Asia.