BGO Acquires Full Ownership of Pivot, Adds Victoria Rental

BGO has purchased RioCan REIT’s 50% stake in the Pivot apartment building in North York to become its sole owner. The company also acquired The James, a 219-unit rental property in Victoria, B.C. Pivot, located at 35 Greenfield Ave., was built in 2020, while The James, situated at 345 Quebec St., dates back to 1973.

“These are very core assets,” BGO managing director Adam Hagedorn told RENX. “Our intention is to continue to invest in the buildings to maintain their institutional quality.”

Strategic acquisitions in key markets

BGO manages over 12,000 multifamily units across Canada, with properties in Ontario, Vancouver, Victoria, Calgary, and Edmonton. The company focuses on highly amenitized assets with strong transit connectivity in supply-constrained markets. Pivot, a 36-storey building, offers 361 units, including 195 one-bedroom, 30 one-bedroom plus den, 134 two-bedroom, and two three-bedroom units, averaging 714 square feet. Amenities include a fitness center, yoga studio, outdoor terraces, and a 24-hour concierge, along with 327 parking stalls and four elevators. Its occupancy rate was in the high 90% range at acquisition.

The James, in Victoria’s James Bay neighborhood, features an indoor pool, fitness center, shared workspace, and private courtyard. It also had a high 90% occupancy rate when acquired. Originally built as an apartment in 1973, it was converted to a hotel before reverting to rental use in 2020, with upgrades to systems, façade, and fire safety.

Optimistic outlook for multifamily sector

Pivot’s location near Yonge Sheppard Centre and the Sheppard-Yonge subway station enhances its value. BGO aims to further improve its occupancy, leveraging local demand. The James, acquired from an unnamed institutional investor, underwent significant 2020 upgrades, including suite renovations and system improvements, impressing BGO with its strong performance.

BGO acquired its initial 50% stake in Pivot in 2021, along with 50% non-managing shares in RioCentre Oakville and Spring Farm Marketplace for $151.2 million. TD Securities brokered the recent deal for the remaining Pivot stake, acquired for $95.7 million. RioCan REIT stated the sale aligns with its focus on necessity-based retail in major Canadian markets.

BGO’s Portfolio Expansion and Market Strategy

BGO’s acquisition of The James marks its second Victoria purchase within a year, following The BluePrint Residences. The BluePrint, in View Royal, includes four five-storey buildings totaling over 218,000 square feet, with 336 units and 356 parking stalls. The James, a 12-storey property, offers 219 units and amenities like an indoor pool, fitness center, shared workspace, and private courtyard.

Acquisition Process and Future Plans

BGO acquired The James through a two-round bid process brokered by Avison Young. Hagedorn noted a smooth transaction and thorough due diligence. Acquisition details for The James remain undisclosed, with further information to be provided by RioCan in its third quarter 2026 disclosure.