GWL Realty Advisors has increased the value of its managed multi-residential portfolio in Nova Scotia to $201.2 million by acquiring an 89-unit apartment building in Bedford South on behalf of an unnamed investor client.
“This asset is consistent with our client’s long-term investment mandate to acquire newer multi-residential properties in growing markets such as the emerging Bedford South master-planned community,” said GWL Realty Advisors president Paul Finkbeiner.
The six-storey Royal Gardens, built in 2014 by Kiel Developments, is part of a growing community spanning 1,300 acres and will house approximately 18,000 in 6,000 homes when complete. The building, also known as Gardens VI, features a suite mix heavily weighted towards large two-bedroom-plus-den suites.
Royal Gardens amenities
Royal Gardens offers high-end, condominium-quality modern features, including in-suite laundry, air conditioning, granite countertops, six stainless steel appliances, and laminate and stone flooring. Amenities in the building include an underground parking garage with a car wash bay, storage units, a fitness room and a tenant lounge.
It provides residents easy access to downtown Halifax, public transit, schools, restaurants and retail.
The property will be managed by Vertica Resident Services, GWL Realty Advisors’ property management subsidiary.
GWL Realty Advisors manages more than 11,300 multi-residential units across Canada that are valued at $2.7 billion. Since purchasing three buildings in Nova Scotia on behalf of an investor client in 1995, the company has increased the size of its portfolio to the point where it now manages more than 1,000 multi-residential units in the province.
“Three of these buildings — 2001, 1991 and 1881 Brunswick Street — are considered mixed-use because they also include retail space,” said Finkbeiner. “In addition, we manage Purdy’s Wharf, an office complex, and 61 Raddall Avenue, an industrial building located at Burnside Industrial Park.”
GWL Realty Advisors projects
GWL Realty Advisors provides asset management, property management, development and specialized real estate advisory services to pension funds and institutional clients. It manages more than $16.6 billion in assets and has $650 million worth of projects under construction across Canada.
The company’s current development projects include: Bay & Gerrard Apartments in Toronto; Vancouver Centre II in Vancouver; Northwoods Village in North Vancouver; the second phase of the 51st Avenue Business Centre in Edmonton; a Marriott hotel at Calgary International Airport and an Alberta Boot site in Calgary.