Headwater is pleased to announce the off-market brokered acquisition of three well-located purpose-built multi-family apartment buildings in downtown Nanaimo, British Columbia.

Nanaimo has been one of a few markets with a supply of new-build rental stock, yet all have been absorbed by the pent-up demand in the market from higher income earners who seek "flight to quality" in newer buildings. The vacancy rate stands at less than 1.8%, according to CMHC, and rents have increased by 30% from 2018-2022. Census data shows the Nanaimo population growth at 1.4% in 2019-2020, and a further 106,254 people are forecasted to the population base by 2024.