On Wednesday, CAPREIT (TSX: CAR.UN) and Nch’ḵay̓ — the economic development arm of the Skwxwú7mesh Úxwumixw (Squamish Nation) — jointly announced that they had completed a transaction pertaining to the International Plaza Apartments in North Vancouver.
The International Plaza Apartments are located at 1959-1999 Marine Drive in North Vancouver, at the southwest corner of the intersection with Capilano Road. The property consists of two high-rise towers with a total of 471 rental units above just over 65,000 sq. ft of commercial retail space and sits atop reserve land located in the Squamish Nation village of X̱wemelch’stn (Capilano IR #5).
According to Nch’ḵay̓, the Squamish Nation leased out the land for development in 1965, the lease was reassigned in 1972, and construction of the International Plaza Apartments was completed in 1975. CAPREIT later acquired the property in 2004 and, thus, the transaction now returns ownership of the property to the Squamish Nation.
“Strengthening Squamish presence and ownership of assets on Squamish land is at the heart of this acquisition,” said Nch’ḵay̓ CEO Mindy Wight in a press release. “It honours the vision of our past leaders, the dedication of Council, and our shared commitment to building lasting opportunity for the Squamish Nation. This is more than a real estate transaction; it is a step toward reclaiming control of our land, creating opportunities for our people, and building a future rooted in community.”
“As stewards of this land once again, the Squamish Nation reclaims the responsibility to shape the experience for residents by bringing a strong Sḵwx̱wú7mesh presence and cultural identity to the site,” added Nch’ḵay̓ Chief Development Officer Jennifer Podmore Russell. “Building on the momentum created at Sen̓áḵw, this acquisition further demonstrates our ability to lead large-scale initiatives that drive economic sovereignty for the Squamish People and marks real progress toward the long-term vision set out in the Nation’s 25-year Generational Plan.”
International Plaza at 1959-1999 Marine Drive in North Vancouver. / Nch’ḵay̓
Nch’ḵay̓ said the acquisition was made through a newly formed subsidiary called Ch’ich’iyúy Limited Partnership. CAPREIT said in its own press release that the sale price was $54.2 million, excluding transaction costs and other customary adjustments. The transaction was financed via the CMHC’s MLI Select Program.
“We’re honoured to take part in a transaction that transfers land back to the Squamish Nation, and contribute to their journey towards expanded economic leadership in the region, and in particular the growth of First Nations representation in the residential real estate industry in Canada,” said CAPREIT President & CEO Mark Kenney. “We hope to continue working with organizations such as Nch’ḵay̓, that will see to the preservation of high-quality living for residents, the continued enrichment of surrounding communities, and the development of many more homes for Canadians.”
Nch’ḵay̓ said in their announcement that they have retained Peterson to oversee daily operations of International Plaza.
“With support from Peterson, Nch’ḵay̓ will focus on investing in capital improvements to building infrastructure, common spaces, and individual units — prioritizing health, safety, and quality of life for all who call International Plaza home,” said Nch’ḵay̓.
“We’re honoured to support Nch’ḵay̓ in this important milestone for the Squamish Nation and to help support the community at International Plaza,” said Peterson’s SVP of Residential Barrett Sprowson. “Our focus is on ensuring residents feel at home, while providing professional property management services for today, and for the long-term.”