BGO Buys Out RioCan's Pivot Stake for $95.7M

BGO has acquired RioCan REIT's 50% stake in Pivot, a 361-unit rental tower at 35 Greenfield Avenue near Yonge and Sheppard, for $95.7 million. The deal takes BGO to 100% ownership; it had held a 50% interest since 2021.

Completed in 2020, the 36-storey tower offers 257,769 square feet of net rentable area. RioCan Living developed the project, with architecture by BDP Quadrangle. The unit mix: 195 one-bedrooms, 30 one-bedroom-plus-dens, 134 two-bedrooms, and two three-bedrooms, averaging 714 square feet. Occupancy was in the high 90% range at acquisition.

The building has 327 below-grade parking stalls and four elevators. Amenities include a fitness centre, yoga studio, outdoor terraces, resident lounge, shared workspace, dog run, pet spa, and 24-hour concierge. Suites are exempt from rent control.

The property carries a CMHC-insured mortgage held by First National Financial with an outstanding balance of $78,627,676 at 2.52%, maturing March 1, 2031. Pivot offers direct interior access to the Sheppard-Yonge TTC interchange (Lines 1 and 4) and the Yonge Sheppard Centre.