A 331-unit, five-building rental complex, located in Surrey, B.C., has been acquired by the Calgary-based Mainstreet Equity Corporation (Mainstreet). The property was purchased for $33.7-million and brings Mainstreet’s total Vancouver/Lower Mainland B.C. apartment portfolio to just over 2,700 units.

The property is located close to public transit, the Trans-Canada Highway and the Guildford Town Centre, a large shopping mall.

Mainstreet specializes in acquiring and redeveloping undermanaged and underperforming properties to improve occupancies and enhance resident livability. This new property is no exception.

“The Property features many of the attributes we look for when acquiring a property including significant deferred maintenance, high vacancy rates, and below markets rents,” says Bob Dhillon, Mainstreet CEO. “These challenges are viewed as opportunities as we deploy the time-tested and proven “Mainstreet Value Chain” to unlock the hidden value in the Property and bring it to its full potential.”

With the acquisition, Mainstreet now owns over 30 per cent of the total rental market in Surrey, B.C.