ViveRE Communities, a Halifax-based company targeting “emply-nesters”, announced it has entered into an agreement to acquire three multi-unit residential properties in Moncton, New Brunswick, for a purchase price of $13.5 million.
The properties are located at 150 Lewisville Road (55 units), 154 Lewisville Road (34 units) and 39 Pleasant Street (35 units). The seller of all three properties is Denaco Group Ltd.
In January, VivRE announced it had purchased a rental property in Ottawa. With the addition of its new Moncton portfolio and two existing properties in New Brunswick, VivRE now owns a total of 263 units.
The Halifax-based company is executing a strategic plan to acquire “recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada.” Specifically, it aims to satisfy the needs of the newly emerging 55+ resident.
As stated in the press release, “The demographic that has changed the world is now changing the way residential rental apartments cater to their requirements. Their desire for community, along with service and convenience amenities has led to the emergence of the Naturally Occurring Retirement Community (“NORC”).”
After years of owning houses, rental apartments can offer Canada’s aging demographic a carefree lifestyle in a community of their peers. ViveRE’s intent is to consolidate this emerging market niche.
The company has developed a robust pipeline of qualified properties for potential acquisition. The criteria set out in its business plan includes: proximity to healthcare, amenities, services and shopping. With a number of attractive targets for consideration, VivRE says it intends to acquire in excess of 400 units in the coming twelve months.