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CBRE Facilitates Record-Breaking Multifamily Deal in Victoria, B.C.

January 19, 2026 3 Minute Read

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Cynthia Jagger with multifamily development

CBRE’s Cynthia Jagger and the National Investment Team - Vancouver have sold The Blueprint Residences, a 336-unit purpose-built rental development in Victoria, BC.

The buyers are global investment firm BGO and Equitable. It represents the largest single multifamily asset trade in Vancouver Island history, according to Jagger. “This is a national-level transaction and a very unique project.”

The Blueprint Residences in Victoria, B.C.

Strong Investor Interest

Jagger worked with her NIT colleague Vincent Minichiello to co-list the property with another agency and it only took them six months to secure a buyer and complete the sale.

“We had so much interest from investors, both local in B.C. and across the country,” Jagger says, adding that it was a 100 per cent interest sale with no equity buy-ins.

“It really speaks to the value of well-located, purpose-built rental assets with modern amenities.”

The project was developed by WestUrban Developments Ltd. in two phases and took three years to complete.

“It’s a fantastic space that will be enjoyed for decades to come by its residents, and we believe BGO will be a great steward for this community,” Jagger says.

Residents will have access to 5.2 acres on site, pet-friendly amenities like dog washing stations and a private off-leash park as well as green spaces, garden plots, an onsite playground and several nearby hiking trails. The Victoria General Hospital is also conveniently located within walking distance to the building.

“It’s noteworthy,” says Jagger, adding that the average multifamily building in Vancouver or Victoria typically has  20 to 30 units. “We’re not going to see another newly constructed, multi-building wood frame project of this scale anytime soon.”

Multifamily is thriving

B.C. multifamily is having a moment.

“We’re experiencing a new rental renaissance,” Jagger says. “There are a lot of groups looking to invest in this asset class, which is traditionally seen as safe and offering reliable returns.”

Lower-cost financing and insurance through the Canada Mortgage and Housing Corp.’s  (CMHC) Apartment Construction Loan and MLI Select programs have helped to ignite development of rental projects across the province.

“There’s a ton of interest in multifamily right now,” says Jagger. “While we may not have another project at the scale of The Blueprint Residences in the short term, I think 2026 is going to be another solid year for well-located institutional grade assets in B.C.”

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