DLA Piper Canada advised Townline Homes on sale of interest in Victoria and Coquitlam properties
DLA Piper Canada assisted Vancouver-based developer and investor, Townline Homes Inc. (“Townline”) on both the sale of a 50 percent interest of properties in the downtown Hudson District of Victoria, B.C. (the “Hudson Properties”) to Crestpoint Real Estate Investment Ltd. (“Crestpoint”) and the sale of 50 percent of its interest in the Meridian, Coquitlam, to Nicola Wealth Management.
On July 12, 2023, Townline officially sold and transferred a 50 percent interest in the Hudson Properties through two separate purchase and sale agreements to Crestpoint, a leading commercial real estate and mortgage investment manager. The sale included interest in a 16-storey building containing approximately 4,209 square feet of commercial/retail area and 178 rentable residential units, another 16-storey building containing approximately 8,557 square feet of commercial/retail area and 106 rentable residential units, a 12-storey building containing approximately 8,342 square feet of commercial/retail area and 120 rentable residential units, and lastly a 23-storey building containing approximately 8,048 square feet of commercial/retail area and 245 rentable residential units. DLA Piper Canada advised on multiple aspects of the transactions, including land purchases, leases, and business agreements, in addition to an assumption of financing.
Townline also announced that it had closed the sale of 50 percent of its interest in the Meridian, Coquitlam, to Nicola Wealth Management. Nicola Canadian Real Estate LP has partnered with Townline on the development of the Meridian, which is comprised of 267 residential rental homes and 10,000 sf of retail and office space in the commercial podium. This 37-storey residential rental project will provide much-needed transit-oriented housing in the rapidly growing neighbourhood of Burquitlam. Construction is well underway with completion anticipated for Q3 2024.
Both deals were highly complex and involved structuring a partial divestiture of interest in projects that are either completed or under construction, in the very active high density residential real estate market in B.C. The DLA Piper Canada deal team in these transactions was led by Max Collett and included Peter Rowntree, Michael Mjanes, Taylor Lingl and Jason Lin. 
