Anthem Properties Group Ltd., together with KingSett Capital on behalf of its Growth LP 7 and Residential Development Funds, have acquired an 8.34 acre mixed-use site located at Willingdon Ave and Dawson Street in the City of Burnaby’s active Brentwood Town Centre – one of the fastest growing, transit-oriented nodes of Metro Vancouver.
Currently occupied by vacant commercial and industrial buildings and surface parking lots, this site will be redeveloped into a mixed use master planned community in alignment with Burnaby’s Official Community Plan. The Masterplan Rezoning for the entire property is close to final approval and phase one sales are anticipated to commence in late 2022.
Anthem and KingSett plan to develop the site into a four-phased master planned community that will include 2,100 market condominiums, 340 rental units, and 60,000 square feet of new retail and office space across five residential towers and two woodframe mid-rise affordable rental buildings. The site is viewed as a major green node, with the phases built around a one-acre park, and will serve as both a Town Centre destination and a key linkage between Brentwood Town Centre SkyTrain Station and the Urban Trail, connecting east to the future Woodlands Park and south towards B.C.I.T.
“With this acquisition, we are thrilled to be able to build upon Anthem’s long history of developing large-scale mixed-use projects in the City of Burnaby. In a supply-constrained region undergoing population growth, the project will create a significant amount of housing supply aiming to address the market’s needs at multiple levels,” says Eric Carlson, CEO of Anthem.
This will be Anthem’s second development within the Brentwood Town Centre plan, following their completion of Tandem in 2007, a three-tower mixed use community. More recently, elsewhere in Burnaby, Anthem has completed the successful sell-out and construction of Station Square’s five residential towers in Metrotown, containing over 1,800 homes and 450,000 square feet of retail, as well as their pre-sale programs for the Standard and NUVO, also located in Metrotown.
About Anthem:
Founded in 1991, Anthem is a team of 450 people driven by creativity, passion and direct communication. Anthem has invested in, developed or managed – alone or in partnership – more than 310 residential, commercial and retail projects across western North America.
Their growing residential portfolio includes 17,500 homes that are complete, in design or under construction, from master planned mixed use residential and multifamily, to townhome and single family communities.
Anthem owns, co-owns, manages or has previously owned over 8.5 million square feet of retail, industrial, residential rental and office space across western North America. They have developed more than 60 communities across 7,400 acres of land in Alberta, British Columbia and California.
Anthem is a real estate development, investment and management company that strives, solves and evolves to create better spaces and stronger communities.
About KingSett Capital:
KingSett is Canada’s leading private equity real estate investment firm. Founded in 2002, KingSett has raised $13.4 billion of equity for its Growth, Income, Urban, Mortgage, Affordable Housing and Residential Development strategies. KingSett has $17 billion of assets under management in a portfolio of $19 billion. KingSett continues to seek further opportunities to invest in a wide range of real estate properties, developments, joint ventures, and mortgage lending.
