New partnership aims at building a national, purpose-built rental powerhouse
Minto Group and Crestpoint Real Estate Investments moved to take Minto Apartment REIT private in a $2.3 billion deal that they said would anchor a new national multi‑family platform focused on recent‑generation, purpose‑built rentals in core Canadian markets.
The REIT, Canada’s only 100% urban residential REIT, owned and operated 28 high‑quality multi‑residential rental properties concentrated in Toronto, Ottawa, Montréal, Calgary and Vancouver.
The transaction, which valued REIT units at $18 in cash excluding those held by Minto and certain senior executives, came as Canada’s rental market adjusts to easing immigration flows and a wave of new supply that has already nudged national vacancy to 3.1% in 2025, according to Canada Mortgage and Housing Corporation (CMHC) data.
“Minto is excited to announce this strategic transaction and partnership with Crestpoint – a best-in-class real estate investor with a shared vision and commitment to long-term success,” said Michael Waters, chief executive officer of Minto Group.
“We believe that this partnership will best enable Minto to execute on its strategic initiatives moving forward, while ensuring the company remains true to the core values it has upheld for over 70 years.”
Strategy and market focus
Under the arrangement, Crestpoint would acquire all outstanding REIT units other than those retained by Minto and senior officers, while both partners committed additional growth capital to a new joint venture that would own and co‑develop stabilized multi‑family assets across Toronto, Vancouver, Calgary, Montreal, Ottawa, Victoria, Halifax and other GTA‑adjacent areas.
“We are thrilled and proud to announce this new partnership and transaction with Minto,” said Kevin Leon, president and chief executive officer of Crestpoint.
“This transaction will significantly enhance our multi-family exposure across the country while allowing us to work and grow alongside a successful and reputable partner that has decades of experience in the sector.”
Broader multi‑family trends
CMHC’s latest rental report showed vacancy rising and rent growth moderating, with average two‑bedroom purpose‑built rents up about 5% year over year, as new construction and softer immigration began to cool some of the intense pressure seen earlier in the cycle.
While conditions remained tight in major centres, higher borrowing costs and uneven condo markets have continued to push institutional investors toward scale and operational control in purpose‑built stock.
Crestpoint, founded in 2010, manages more than $11 billion in commercial real estate and debt strategies, and is part of Connor, Clark & Lunn Financial Group, whose affiliates oversaw over $167 billion across asset classes.
Crestpoint has already been expanding beyond traditional equity real estate, including a commercial mortgage strategy and an opportunistic fund targeting higher‑return projects such as a planned 32‑storey rental tower in Vancouver’s West End.
Minto, established in 1955, has built over 100,000 homes and operates a fully integrated investment, development and management platform with more than 1,300 employees in Canada and the United States.
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