Crestpoint, Vestcor and InterRent acquire Brampton Apartment Complex for $185.5M
On March 27, 2023, a joint venture comprising Crestpoint Real Estate Investments Ltd., Vestcor Inc. and InterRent REIT closed the acquisition of a two-tower, 605-apartment property at 2–4 Hanover Road in Brampton, a property which also offers opportunity for a major multi-tower densification development.
The acquisition price was $185.5 million partially funded by a $100 million mortgage assumption with a large institutional lender. The ownership profile of the joint venture has Crestpoint and Vestcor as majority owners, each holding a 45% interest, and InterRent with a minority interest of 10%.
Aird & Berlis LLP acted as lead legal counsel to Crestpoint and the joint venture parties, with a team led by Daniel Mahler and comprising Jennifer Wainwright (Corporate), Mistrale Lepage-Chouinard (Real Estate), Sacha Nelson (Real Estate), Kim Carty (Law Clerk), Veronica Clayton (Law Clerk) and Annie Xie (Articling Student).