Concert Income Properties announced it has a acquired a new Class A, mixed-use multifamily building in downtown Vancouver, called “The Standard”. Located at 1142 Granville Street, the 10-storey rental property includes 34,109 square feet of net rentable residential area and 2,316 square feet of net rentable commercial area.

“We expanded the asset mix of Concert Income Properties in January 2023 to include multifamily residential rental properties, which provides greater opportunities to find quality assets like this,” said  David Podmore, OBC, Managing Director, Concert Income Properties. “This acquisition marks the first addition of a mixed-use residential rental building to the portfolio and builds on a history of growth and diversification.”

The Standard was developed by Bosa Properties and includes 106 residential suites, a fitness centre, tenant lounge, rooftop terrace, storage lockers, bike storage, underground parking and pet-friendly facilities. Opened in 2013, the following year the building won the 2014 UDI Award for Best Affordable Project.

“Since 1989, Concert Properties has proudly developed and managed purpose-built rental buildings for communities across Canada,” said Kerri Jackson, Senior Vice President, Property Management, Concert Properties. “We are excited about furthering this legacy of providing assured rental housing as we assume ownership and operation of The Standard.”

Formed in 2016, Concert Income Properties is one of two corporate entities comprising Concert Properties. The fund intends to maximize long-term value by acquiring, developing and managing industrial, office and multifamily residential real estate in Canada.

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