SAINT JOHN, NB, Sept. 13, 2023 /CNW/ - An emerging leader in Canada's real estate industry, VIDA is excited to announce the acquisition of 205 units across 20 properties in Saint John, New Brunswick.
The transaction marks VIDA's first foray into Saint John, a vibrant city with world-class railway, seaport and industrial resources. VIDA continues to rapidly expand its unique business model in Canada, having acquired more than 2,500 units in New Brunswick, Nova Scotia, Manitoba and Prince Edward Island in just over 24 months.
Ron Lovett, Founder of VIDA, recognizes the valued position Saint John holds in Atlantic Canada, and believes it's a region positioned for a bright future:
"We plan to become an integral part of the rental community in Saint John, helping manage the high costs of living that many people are facing. Our model and mission are aligned with the objectives of New Brunswick's working-class renters, newcomers, policy makers and business leaders. We have had positive discussions with the Government of New Brunswick about innovative approaches to protect and preserve dozens of buildings and hundreds of units of affordable housing stock—we are excited to work with the Province on solutions to alleviate New Brunswick's housing crisis."
VIDA acknowledges the high standards maintained at the acquired properties by the seller, Killam Apartment REIT ("Killam"), during its ownership tenure. VIDA credits Killam's cooperative approach to successfully completing the transaction in an otherwise challenging economic environment.
VIDA: Creating Community
VIDA is revolutionizing affordable communities.
A vertically integrated property owner and manager, the company uses business as a force for good. VIDA has developed a social impact brand and business model focused on preserving and enhancing North America's largest stock of affordable housing supply while using proprietary systems to improve social, economic and health outcomes among working class residents.
Safety & Security, Cleanliness, Opportunity and Community are the four pillars on which VIDA residents enjoy affordable rental accommodation that they are proud to call "home" and that helps them get ahead in life.
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