TORONTO, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Bluevale Capital Group (“Bluevale”) is pleased to announce the acquisition of Mariner Watch Apartments in the heart of Maple Ridge, British Columbia. This is Bluevale’s second major acquisition in 2022 as the firm continues its current expansion plans into Western Canada. Mariner Watch Apartments is a 21-unit multi-family waterfront property located in Haney, Maple Ridge’s largest neighborhood. The closing was completed with loan financing from KingSett Capital.
Bluevale’s Co-Founder and Managing Director, Jefferson Huang has stated that “There has been a lot of capital being deployed into this neighborhood recently. When you have a 200+ unit development literally right next door to us, it changes the profile of the neighborhood. There has been a 10% spike in population growth in Maple Ridge in the last five years, which is double the rate of Vancouver; with that growth rate and the lack of available affordable housing, we were very keen on this specific area.”
“We want to thank everyone that has been involved in this project, especially our newest investors from British Columbia,” adds Co-Founder and Managing Director Samuel Karamanis. “We are extremely diligent in ensuring we maximize our investors opportunities before we even take possession. That said, we are already at 25% vacancy and have assembled a team in Metro Vancouver. The optimization phase will begin immediately and we expect to finish this project in about 6 months, 8 months ahead of schedule”
Jonathan Thomson, Director of Mortgage Investments at KingSett, commented that “We are excited to partner with Bluevale on this project and to be a part of the constantly changing landscape in Maple Ridge. We are looking forward to the future opportunities our two companies can work together on.”
Bluevale Capital Group is an investment management firm specializing in the acquisition, optimization, and management of multi-family and residential real estate assets. We leverage our extensive real estate experience to provide superior risk-adjusted returns to investors. Through our vast private network, Bluevale identifies uniquely positioned real estate assets that meet our stringent investment criteria.
KingSett Capital is a Canadian private equity real estate investment business which creates and co-invests in real estate investment solutions to deliver sustainable premium risk weighted returns. Founded in 2002, KingSett has raised $13.4 billion of equity for its Growth, Income, Urban, Mortgage and Affordable Housing strategies. KingSett has $17 billion of assets under management in a portfolio of $19 billion. KingSett continues to seek further opportunities to invest in a wide range of real estate properties, developments, joint ventures, and mortgage lending.
