BGO Acquires Two Canadian Multifamily Properties in Toronto and Victoria

BGO has acquired two Canadian multifamily residential properties — Pivot in North York, Toronto and The James in Victoria, British Columbia — on behalf of an institutional investor, the firm announced September 15, 2026. Together, the two assets add 580 rental units to BGO's purpose-built residential portfolio in markets the firm views as exhibiting durable long-term demand for well-located rental housing.

Pivot: Consolidating Ownership of a Class A Toronto Tower

The Toronto component of the transaction involves the acquisition of the remaining 50% interest in Pivot, a 36-storey, 361-unit Class A rental tower at 35 Greenfield Avenue in the Willowdale East node of North York. BGO's institutional client had held a 50% interest in the property since 2021; the latest transaction consolidates ownership to 100%.

Completed in 2020, Pivot is situated at the intersection of Yonge Street and Sheppard Avenue and offers direct interior access to the Sheppard–Yonge TTC interchange and Yonge Sheppard Centre. The building comprises approximately 257,769 square feet of residential net rentable area across an average unit size of 714 square feet, with floorplans ranging from roughly 508 to 1,241 square feet. The property includes 327 vehicle stalls and a comprehensive amenity package: a fitness centre and yoga studio, outdoor terraces, resident lounge, shared workspace, dog run and pet spa.

The building's 361 suites are exempt from Ontario rent control, having been completed after November 15, 2018. Occupancy stood at 92.2% at the time of marketing. The property is encumbered by a CMHC-insured mortgage held by First National Financial Corp. with an outstanding balance of C$78,627,676, an interest rate of 2.52%, and a maturity date of March 1, 2031.

Recent asking rents at Pivot have ranged from approximately C$2,370 to C$3,288 per month for one-bedroom units and from roughly C$3,204 to C$4,323 per month for two-bedroom units. Select suites have been marketed with one month free on 20-to-24-month leases, reflecting competitive conditions in Toronto's newer Class A rental segment.

The James: A Renovated Victoria Asset in a Supply-Constrained Neighbourhood

The Victoria acquisition involves The James, a 12-storey, 219-unit rental property at 345 Quebec Street in the city's historic James Bay neighbourhood. Built in 1973, the property underwent an extensive capital improvement program in 2020 that included upgrades to major building systems, façade work, suite renovations, and fire and life-safety systems. The building encompasses approximately 127,865 square feet of rentable area on a site of about 0.92 acres.

The James offers a mix of studios, one-bedroom, one-bedroom-plus-den, two-bedroom, and penthouse residences. Studio units have been marketed in the range of C$1,625 to C$1,835 per month at approximately 311 to 315 square feet. The property features an indoor pool, fitness centre, shared workspace and private courtyard, and is within walking distance of downtown Victoria, the Inner Harbour and the provincial legislative precinct.

BGO Living, the firm's residential property management platform, will continue to manage The James following the acquisition.

Strategic Rationale

"Our conviction in purpose-built rental housing reflects a long-term view on the value of high-quality assets in major Canadian markets," said Adam Hagedorn, Managing Director, Portfolio Management, BGO. "Pivot and The James demonstrate how we are putting that conviction into practice for our client's real estate portfolio, adding differentiated residential assets in Toronto and Victoria where we see durable demand for well-located, amenity-rich rental housing."

Both acquisitions reflect BGO's stated focus on rental communities located near employment, transit and daily amenities in established Canadian markets. Pivot's transit-oriented positioning at one of Toronto's most active subway interchanges and The James's location in one of Victoria's most supply-constrained residential neighbourhoods align with that framework.

The transactions come as Canadian apartment markets have seen vacancy tick upward, rent growth moderate and cap rates expand from recent lows — conditions that have created more attractive entry points for long-term investors in the purpose-built rental sector.

Legal Counsel

Osler, Hoskin & Harcourt LLP acted as legal counsel in connection with the acquisition of Pivot. Lawson Lundell LLP acted as legal counsel in connection with the acquisition of The James.

BGO serves more than 750 institutional clients and, together with Bell Partners Inc. — acquired by Sun Life and combined with BGO on July 2, 2026 — manages approximately US$100 billion of assets under management as of June 30, 2026. The firm operates offices in more than 25 cities across twelve countries and is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.

Sources

BGO Press Release: BGO Acquires Pivot and The James, Expanding Its Purpose-Built Residential Footprint in Canada (September 15, 2026)