VIDA Living Acquires 1,058 Affordable Units in Nova Scotia and New Brunswick

Transaction represents a milestone for VIDA on its mission to revolutionize affordable communities

HALIFAX, NS,  June 29, 2021 /CNW/ - Halifax-based VIDA Living announced today that it has acquired a portfolio comprising 54 buildings and 1,058 multifamily units in Nova Scotia and New Brunswick. VIDA is a privately-held company focused on keeping rents low amidst an escalating problem of housing affordability in Canada.

Since 2018, VIDA has grown from a 12-unit building in Halifax to over 600 units in Nova Scotia, New Brunswick and Manitoba. Purchasing this 1,058-unit portfolio will allow VIDA to aggressively scale its proven business model as it targets 10,000 units in Canada and abroad by 2027.  

VIDA invests exclusively in B and C asset-class multifamily properties and its purpose is to deliver socially responsible workforce housing that is affordable. VIDA strives to improve social, economic and health outcomes by providing security, cleanliness, opportunity and a sense of community to its tenants using creative solutions and incentives. Tenants are offered a right of first refusal on basic repair and maintenance projects and given the opportunity to participate in the overall business through tasks like data entry, rent collection and community newsletters. VIDA celebrates tenants' achievements by offering rewards such as rent credits for starting a business or receiving a promotion, and VIDA will pay off the last $500 of a tenant's student loan and break the lease and help cover moving costs for tenants who buy a home. 

"VIDA's unique business model connects people to their community, giving them a sense of pride and ownership and helping them get ahead in life," says Ron Lovett, VIDA's founder and Chief Executive Officer. 

Hugh Goodday, Chief Growth Officer at VIDA, is encouraged by the attention VIDA is receiving from prospective capital partners as well as the volume of acquisition opportunities on VIDA's radar across North America, adding: "VIDA's business and purpose are an excellent fit for investors that have an ESG or SRI mandate and wish to support our efforts to shake up an industry that has been desperately underserviced."

"We are thrilled to have contributed to financing this transformative acquisition for VIDA," says Michael Foy, President of Price Capital Partners. "We believe that VIDA is poised for robust growth in the short- and long-term, and we are excited to be a part of it."

VIDA sincerely thanks its other financial partners, BMO and Timbercreek Financial, and its legal advisor, McInnes Cooper, for their support, advice and integral roles in completing this transaction.

SOURCE VIDA Living

For media inquiries, contact: Hugh Goodday, Chief Growth Officer & Legal Counsel, [email protected]