BGO Buys The James in Victoria for $102 Million, Adding to Canadian Multifamily Portfolio

BGO has acquired The James, a 219-unit purpose-built rental property at 345 Quebec Street in Victoria, British Columbia, for $102 million, expanding the investment manager's Canadian multifamily portfolio. The deal, reported Oct. 14, 2026, is the largest sale on Vancouver Island this year and BGO's second major multifamily purchase in Victoria in less than a year.

The 12-storey building trades at approximately $465,750 per unit. BGO Living will continue to manage the property.

BGO Multifamily Acquisition in Victoria: Deal Details

BGO announced the purchase on behalf of an institutional investor. The transaction also included the remaining 50% interest in Pivot, a 36-storey, 361-unit rental property in North York, Toronto. Together, the two acquisitions added 580 units to BGO's purpose-built residential portfolio.

The James is the second-largest single-asset apartment sale recorded in Victoria. No other traditional property in the city has traded for more than $81 million other than BGO's two purchases.

Second Major Victoria Purchase in Under a Year

At yearend 2025, BGO acquired Blueprint Residences at 15-23 Erskine Lane in View Royal, part of Greater Victoria, for approximately $160 million. That sale remains the largest single-asset apartment transaction in the city. The property comprises four five-storey buildings with more than 218,000 square feet, 336 rental units and 356 parking stalls, and was newly constructed at acquisition. The price equates to about $476,000 per unit.

Combined, the two Victoria-area purchases represent approximately $262 million and 555 rental units. Green Street News put BGO's spending on Victoria rental purchases over the past year at nearly $265 million.

BGO's Micro-Market Strategy

Adam Hagedorn, managing director of portfolio management at BGO, said the firm's interest in Victoria is driven by its investment criteria rather than the city's appeal as a place to live. "We look at markets across Canada that fit our investment criteria, and one of those pieces of criteria is institutional scale," Hagedorn said. "And obviously Victoria fits that box."

Hagedorn said Blueprint is in a suburban location near a hospital and its large employment base, while The James is located near the heart of Victoria, surrounded by amenities such as cafes and markets. BGO underwrites transit service, shopping and dining options, and the long-term resiliency of a property.

"When we look at a market, it really is micro-market focused," Hagedorn said. "We like Victoria as a broad market, but we also like the specific sub nodes and communities that these assets find themselves in. It's not just about Victoria being an attractive market overall."

BGO has not made a multifamily acquisition elsewhere on Vancouver Island, but Hagedorn did not rule it out. The firm would also consider grocery-anchored retail of institutional scale.

Victoria Rental Market Backdrop

Victoria's metropolitan area has roughly 450,000 residents. The city ranked fourth among the top 25 Canadian cities on the U-Haul Growth Index last year, which ranks cities by the number of one-way moving trucks, trailers and containers rented by people heading to their destinations.

A CBRE market outlook from February said the city is gaining as a prime investment target and that private and institutional investors are attracted to value-added properties with stable cash flow. The report said new purpose-built rental product is expected to see increased interest, especially properties with high occupancy levels. CBRE reported the average two-bedroom rent in Victoria at $2,194, up from $1,993 in 2024. Advertised two-bedroom rents at BGO's properties are higher: starting at $2,390 at Blueprint and at least $3,350 at The James.

Victoria's purpose-built rental vacancy rate reached 3.3% in October 2025, the highest level since 1999 as new supply came online. The average two-bedroom rent that month was $2,120, with two-bedroom rents up 5.1% year over year. British Columbia's 2026 rent-increase guideline is 2.3% for sitting tenants.

CBRE reported Canadian multifamily cap rates were broadly stable in the second quarter of 2026, with a national average of 4.53%. Victoria was among the few markets where cap rates rose modestly quarter over quarter, and apartment cap rates in the city ranged from approximately 4.25% to 5%. CBRE described investor demand as robust, particularly for value-add or operational-optimization opportunities, with growing preference for newer construction.

Large multifamily transactions have been scarce on the Pacific Coast this year, according to Green Street News.

Outlook

With BGO now holding two of the largest rental assets in Victoria, representing 555 units across a suburban employment node and a central, amenity-rich neighborhood, the firm has said it has not ruled out further Vancouver Island purchases that meet its scale and location criteria.

Sources

• Green Street News via BGO: Scale, amenities and solid sub nodes: BGO's calculus behind a second top buy in Victoria