Introduction
BentallGreenOak (BGO), a global real estate investment manager and advisor, recently announced the acquisition of two purpose-built rental multifamily properties — The Camby in Cambridge, Ontario and Blueprint Residences in View Royal, Greater Victoria, B.C. — marking a significant step in its expansion into Canada’s rental housing market. These acquisitions reflect BGO’s continued commitment to multifamily assets in key regions with strong demographics, underscored by a constrained supply of new rental units and growing urban populations.
Strategic Rationale Behind the Acquisitions
BGO’s recent purchases come at a time when the broader multifamily market faces challenges, including an oversupply of condominium units being rented in the “shadow inventory” and limited new purpose-built rental supply expected in the coming years. According to Adam Hagedorn, Principal of Portfolio Management at BGO, population growth in major Canadian markets combined with constrained delivery of new rental housing is expected to benefit long-term owners and investors in high-quality purpose-built assets.
This strategy aligns with broader industry trends where institutional capital seeks stable, income-producing real estate in markets with strong fundamentals, even as development economics tighten for new ground-up projects.
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The Camby: A Mid-Rise Gem in Southwestern Ontario
The Camby, located at 140 and 150 Hollywood Court in Cambridge, Ontario, was acquired by BGO through one of its core account funds for $147 million from Belmont Equity Partners.
Built between 2023 and 2024, The Camby comprises 284 modern rental units with an average suite size of approximately 762 square feet. The community features a range of one- and two-bedroom layouts, many with dens, and is designed as a twinned eight-storey complex connected by a three-storey amenities pavilion.
Amenities and Features
The Camby stands out for its robust amenity program, which includes:
- Fitness centre and pet spa
- Rooftop terrace with fire pits
- Entertainment lounge and games room
- Multiple co-working spaces
- Smart parcel lockers and 338 parking stalls
These lifestyle-oriented facilities are designed to enhance resident experience and support community engagement, helping differentiate the project within the regional rental market.
Additionally, sustainability features such as hybrid heat pumps, motion-sensored common lighting, and advanced energy monitoring contribute to operational efficiency and tenant appeal.
Blueprint Residences: A Premier Rental Community in Greater Victoria
In View Royal, part of Greater Victoria on Vancouver Island, BGO — in partnership with The Equitable Life Insurance Company of Canada — acquired Blueprint Residences, a newly constructed multifamily rental community featuring 336 housing units across four five-storey buildings and 356 parking stalls.
Location and Market Dynamics
Situated at 15–23 Erskine Lane, Blueprint Residences benefits from its proximity to Victoria General Hospital and excellent access to regional transit and the Trans-Canada Highway, connecting residents to downtown Victoria and beyond.
BGO Living, the operational arm of BGO’s residential platform, will oversee leasing, management, and resident engagement at Blueprint, including targeted amenity upgrades and marketing initiatives designed to attract and retain renters in a market characterized by tight supply and growing demand.
The acquisition — reportedly valued at approximately $160 million — is believed to be the largest single-title multifamily transaction in Vancouver Island’s history, highlighting the strategic importance of the Victoria region for institutional investors.
BGO’s Broader Multifamily Strategy in Canada
BGO’s Canadian multifamily footprint spans markets including Toronto, Mississauga, Pickering, Kitchener, Waterloo, Cambridge, Victoria, Vancouver, Calgary, and Edmonton, where the firm manages more than 12,000 multifamily units.
Through assets such as Pivot, a 361-unit tower in Toronto co-owned with RioCan Living, BGO continues to diversify its holdings across core urban centres.
Institutional tenants and investors are increasingly turning to high-quality, professionally managed rental properties for stable long-term returns amid broader macroeconomic uncertainty and demographic shifts favoring urban living.
Market Outlook: Purpose-Built Rental in Canada
Despite headwinds in development economics, purpose-built rental remains an attractive play for institutional capital. Housing shortages in major urban markets, coupled with demographic trends like population growth and increased in-migration, support demand for professionally managed apartments.
BGO’s acquisitions signal confidence in these fundamentals, even as developers grapple with rising construction costs and financing challenges.
Conclusion
BGO’s acquisition of The Camby in Ontario and Blueprint Residences in Greater Victoria underscores its targeted expansion strategy into Canada’s purpose-built rental sector. By investing in high-quality, amenity-rich communities in undersupplied markets, BGO is positioning itself to capitalize on long-term demand while providing stable returns for its institutional clients.
