Friday May 8, 2020 ~ LANGFORD
by Mary Brooke ~ West Shore Voice News
The Crossing at Belmont apartment building associated with the Belmont Residences condo buildings in southwest Langford has been sold by Vancouver-based Ledcor Property Investments Ltd to the Halifax-based Killam Apartment REIT.
The rent-to-own Crossing at Belmont buildings at 945 and 955 Reunion Avenue in the major retail and housing property development at Jacklin Road and Kelly Road began filling with qualified tenants in 2019, and continues to see action, with 88% of the 156 units now rented under rent-to-own agreements. A variety of floorplans are offered.
Crossing at Belmont has been a welcome opportunity for renters who are aiming to become homeowners; their rental of a unit can lead to ownership in Belmont Residences East which is across the road. Hence the name.
The transition:
Ledcor Property Investments Ltd announced the sale of their property yesterday. “This transaction aligns perfectly with the #MyBelmont vision and values,” said Bill Fox, President of Ledcor Property Investments Ltd. “Killam Apartment REIT is well known and respected for their commitment to community, with core values that not only align with our tenants, but are ones that our neighbourhood will be proud of.”
“We have been working on selling the building and attracting this quality of purchaser,” says Marcela Corzo, Director of Development, Ledcor Property Investments Ltd. “It’s a huge win.”
Langford benefits by the acquisition, say Corzo. For Langford it shows that a large company comes and invests in Langford, bringing a national presence into the west shore investment landscape. Along with other big companies in the Langford commercial real estate marketplace — those being Lecdor as well as Crombie REIT (which owns Belmont Market), and Centurion (which owns several properties in Greater Victoria including the Danbrook One) — the arrival of Killam (which owns one other property in the Victoria area) shows that Langford is a progressive place and investment is growing.
As the development of #MyBelmont master-planned community continues, the local team says remains committed to the area, continuing to build a thriving and strong neighbourhood where people can live, work and play.
“We sincerely thank the tenants of Crossing at Belmont, the public and community leaders in Langford for the trust that they have placed in us, and we are proud to deliver on our promises,” said Eric Gerlach, VP of Development, Ledcor Property Investments Ltd.
About Killam Apartment REIT:
Killam Apartment REIT (TSX: KMP) is a publicly traded real estate company focused on the acquisition, development, and management of multi-family residential properties across Canada, from coast to coast (with buildings in 25 cities across seven provinces). Killam is considered to be one of Canada’s largest and most reputable residential landlords.
“We are pleased to continue to expand our apartment portfolio in Victoria,” said Philip Fraser, President and CEO of Killam Apartment REIT. Their other holding in the Greater Victoria area is Christie Point Apartments in View Royal.
About the buildings:
Crossing at Belmont consists of two 5-storey purpose-built rental buildings totaling 156 units, with shared common areas. #MyBelmont is a part of the masterplan community that has become a vibrant centre for the City of Langford and more importantly, has the sort of values and commitment to community that we truly appreciate.
Devon Properties will assist with the transition and continue to be the Property Manager for Crossing at Belmont in the near term.
About the #MyBelmont development:
#MyBelmont is an inspiring 22-acre community created on southern Vancouver Island’s West Shore. #MyBelmont comprises both residential and rental homes in six phases for first-time home buyers, working professionals, and downsizers. The masterplan community is enhanced by commercial amenities, including a landmark Thrifty Foods spanning 53,000 square feet.
Adjacent to the Galloping Goose Regional Trail and numerous parks, lakes, and outdoor spaces, #MyBelmont has become a vibrant centre for the City of Langford. The new heart of the West Shore, Belmont Residences is the “it” place for those seeking a healthy, urban-meets-suburban living.
