Allied REIT isn’t quite as active in Vancouver as out East, but a notable buyer nonetheless…

By Paul Brent

For many real estate companies, it has been a tough year to complete acquisitions.

That has definitely not been the case for Allied Properties REIT (AP.UN-T), which last month announced two more deals to increase its 2014 tally to $225 million.

While the frenetic deal-making activity may have taken many observers by surprise, Allied anticipated the dam would break this year, according to Michael Emory, the REIT’s president and chief executive. “We got a sense late last year and early this year that the pace of acquisitions was going to pick up. It was more a function of availability than anything else.”

The REIT, known for acquiring older, trendy office space in the downtown cores of major Canadian cities, has racked up seven purchases so far this year, the latest two in Toronto: 555 Richmond Street West and 460 King St. W.

That’s a change for Allied Properties REIT.

Stabilized rental property

“I don’t think that we acquired anything much in Toronto, especially in terms of the stabilized rental property portfolio, last year or the year before that,” said Emory. “We did, of course, acquire The Well with RioCan and Diamond …read more

Source:: RENX

Larco has submitted their rezoning application for the 4.4 acre site that they own in the Lower Capilano area; home to a former athletic club near Capilano Road and Marine Drive. This project will be adjacent to another 262-unit two-tower project announced earlier this year.

The plan calls for a mixed use project which would include 451 residential units, a small amount of at grade commercial, a mini-storage operation, and a public community centre.

The proposal is to build this project in four phases over ten years, with the community centre targeted to begin construction in year seven. Project details include:

• A total of 451 residential units;
• An 18-storey residential tower and a 12-storey residential tower;
• Three 6-storey apartment buildings, one of which is a market rental building;
• A 4-storey apartment building (two storeys over top of the community centre);
• A 4-storey seniors’ rental building;
• Twenty 2 and 3-storey townhouse units.
• A 26,550 SF community centre on the north side of the public plaza in the foot of the 12-storey tower;
• A public plaza in line with the future cross roads;
• A continuation of the open space with the village green park area next to the plaza;
• A new greenway trail along the western edge of the site;
• 4,200 SF of commercial space next to the public plaza; and
• A 125,000 SF underground mini-storage facility in the 3rd level of the basement.