Over the past several months, Canadians’ big purchases include: •The Skillman Live Oak Center, a 65-year-old shopping centre, and the 13-story Waterway Tower in Las Colinas, a 33-year-old building in Irving both acquired by Sun Life Assurance;
•3660 Regent Boulevard in Irving, an office campus, acquired by Second City Capital Partners of Vancouver. Second City is also part of the group buying the 45-story Ross Tower in downtown;
•1700 Pacific, a 49-story downtown skyscraper, purchased by Montreal-based Olymbec Group;
•The Amalfi Stonebriar apartments in Frisco, a 395-unit luxury complex, purchased by Pure Multi-Family REIT LP of Vancouver; and
•Running Brook, a 232-unit apartment complex in Arlington, sold to Toronto-based Marlin Spring US Realty.
“The majority of research indicates that Canadian investors make up the largest percentage of international investors in U.S. real estate,” Andrew Levy, senior managing director of investment banker HFF told The Dallas Morning News. “Canadians tend to invest in the U.S. for the same reasons that most international investors do — high-quality asset base, ability to participate in the U.S. economy and diversification outside of their borders where there are also fewer opportunities.
Commercial real estate firm JLL last year estimated that Dallas was the fifth-most-popular market for foreign buyers, behind New York, Los Angeles, Chicago and Houston.
“Of all of the international buyers circling Dallas, [Canadians] are the most prolific,” said Jack Crews, managing director in JLL’s Dallas office. “We should see others come, and (we) are, but Canadians are here for sure.”
CREW
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