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Posted Aug 7, 2026, 2:45 PM
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Moderator
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Join Date: Aug 2002
Location: Winnipeg, Manitoba
Posts: 8,552
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Quote:
Winnipeg multi-family portfolio targets national investors
Newly built 586 units offer premium entry point in a tight market
Yet another major multi-family portfolio has hit the market, this time in Winnipeg.
Consisting of three properties totalling 586 units completed between 2019 and 2024, the portfolio is strategically located near the University of Manitoba, Victoria General Hospital and the city’s rapidly growing Bridgwater community within the Waverley West area.
Developed by Ironclad Developments Inc. and owned by Alitis Investment Counsel, a private Winnipeg investor, the properties stand apart from the rest of the market on account of their recent construction, contemporary amenities such as games rooms and saunas as well as 22,027 square feet of ground-floor commercial space.
This has helped ensure strong demand in a market where two-thirds of units were built prior to 2000 and overall vacancies last fall averaged 2.8 per cent, according to Canada Mortgage and Housing Corp. data.
“They have performed well,” said Bryn Oliver, a principal with Capital Commercial Real Estate Services Inc. in Winnipeg which is leading the offering, alongside the Toronto office of JLL and Vancouver-based Goodman Commercial Inc.
Oliver described Alitis’ decision to sell as a strategic move. It echoes WestUrban Developments Ltd.’s listing of six newly built B.C. properties totalling 512 units in 2024, and Boardwalk REIT’s offering earlier this year of three assets totalling 536 units in Edmonton.
Manitoba’s stable market, free of the fluctuations that characterize other markets, has been of particular interest to investors, however. While it has seen strong population growth, the shifts haven’t been as dramatic as in larger centres. A long-standing lack of new multi-family construction in Winnipeg also positions the Alitis portfolio favourably.
“We’ve seen buyer interest from all over Canada, from coast to coast – new groups entering into Winnipeg from B.C., from Toronto, from Quebec as well,” he said. “Winnipeg is just a steady market, and the multi-family rental fundamentals stand strong and so does demand, as a result.
The local market has added 15,295 units since 2019, with CMHC’s MLI Select program driving multi-family development at scale. This has helped boost the supply, as well as attract investors keen to acquire income-producing assets.
Capital Commercial sold more than 2,100 multi-family units last year, close to half of the 5,000 units it’s sold since 2022.
While rent controls exist in Manitoba, Oliver said they differ from those in B.C. and Ontario, applying to older assets while new-builds are exempt.
“When you build or buy new-build assets in Manitoba, they’re exempt for 20 years from [Residential Tenancies Branch] regulations, and that’s 20 years from the occupancy permit,” Bryn explained. “It makes it a very attractive asset class to be able to come in and operate unrestricted for a long-term investment horizon.”
But with major government-backed investments on track for Manitoba, the province is emerging as a logistics hub and investors at large are taking note.
Quebec’s Leyad acquired St. Vital Shopping Centre in Winnipeg earlier this year, while PRO REIT has been expanding its industrial holdings with the addition of four properties totalling 165,000 square feet this summer following last year’s acquisition of six assets from Parkit Enterprise Inc. – a portfolio Parkit began developing in 2023 given the significant upside it saw versus other centres.
Operators of the historic Fort Garry Hotel have also seen strong investor interest, with brokerage Avison Young reporting “multiple positive discussions” underway.
“There’s a lot of new buyer interest in our market across all asset classes – so whether it’s retail, industrial, hotel, multi-family, or even office to a certain extent, there’s been a tremendous amount of interest from across Canada,” Oliver said of current market conditions. “Stability and predictability have become a little more attractive than the ebbs and flows of chasing the upside.”
While local investors have been key players in Prairie markets this year, the involvement of JLL and Goodman Commercial point to strong outside interest.
“This is a true cross-country effort designed to maximize exposure for an asset of this calibre,” Goodman Commercial principal Mark Goodman said regarding the offering, noting that B.C. investors will be taking a close look. “Sophisticated investors are seeking better yields, greater scale and more business-friendly environments in markets such as Winnipeg.”
“There will be interest in groups from across the board,” Oliver added. “There are very strong local buyer groups that will have interest in the portfolio. There will be strong private and institutional asset managers that will be interested.”

Onyx is one of three multi-family assets Winnipeg's Alitis Investment Counsel is selling. Completed in 2019, it has 282 suites.Capital Commercial Real Estate Services Inc.

Bravado is one of three multi-family assets Winnipeg's Alitis Investment Counsel is selling. Completed in 2020, it has 149 suites and 15,091 square feet of ground-floor commercial space.Capital Commercial Real Estate Services Inc.

Allure s one of three multi-family assets Winnipeg's Alitis Investment Counsel is selling. Completed in 2024, it has 155 suites and 6,936 square feet of ground-floor commercial space.Capital Commercial Real Estate Services Inc.
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