Exclusive: Manulife Buys RED Sol Project In Coquitlam From Adera For $60M+

Key Takeaways

• Manulife acquires RED Sol for low $60‑$65M.
• Share sale structure avoids $1.8M property transfer tax.
• 109‑unit rental expands Manulife’s Canadian multifamily holdings.
• Buildings use Adera’s SmartWood mass‑timber system.
• Devon Properties hired to manage the rental building.

Summary

Manulife Financial completed a low‑$60‑$65 million acquisition of the RED Sol rental project in Coquitlam, British Columbia, from developer Adera Development. The deal was structured as a share sale, allowing Manulife to avoid roughly $1.8 million in property transfer tax. RED Sol consists of a 109‑unit rental tower and a 92‑unit strata building, both featuring SmartWood mass‑timber construction and extensive amenities. The purchase expands Manulife’s Canadian multifamily portfolio amid strong rental demand in the Greater Vancouver area.

Pulse Analysis

Manulife Financial’s recent purchase of the RED Sol rental project underscores the insurer’s aggressive push into Canada’s multifamily sector. Over the past two years the company has added several apartment portfolios across Ontario and British Columbia, seeking stable cash‑flow assets that match its long‑term liability profile. By targeting newly completed, amenity‑rich buildings, Manulife can lock in modern construction standards and higher rent premiums. The acquisition aligns with a broader wave of institutional capital flowing into BC’s rental market, where limited supply and strong immigration numbers are driving occupancy rates above 95 %.

RED Sol, located at 750 Robinson Street in Coquitlam, comprises a 109‑unit rental tower built under Adera Development’s RED brand and a 92‑unit strata building called Sol. The project was finished in October 2025 and boasts roughly 13,000 sq ft of indoor and outdoor amenities, including fitness centres, co‑working lounges, rooftop terraces and children’s play areas. Constructed with Adera’s proprietary SmartWood mass‑timber system, the buildings offer faster build times and a reduced carbon footprint, appealing to environmentally conscious tenants. Manulife paid a low‑$60 million price, translating to roughly $550‑$600 k per unit, modestly above the BC Assessment value.

The deal was executed as a share sale of Red Sol Projects Ltd., a structure that sidestepped an estimated $1.8 million property transfer tax, highlighting the tax‑planning savvy of large investors. Devon Properties’ appointment as manager ensures professional oversight of day‑to‑day operations, preserving asset quality. For Adera, the sale provides liquidity to fund its pipeline of RED projects in North Vancouver, while Manulife gains a foothold in a high‑growth suburban market with strong rental demand. The transaction signals confidence in BC’s rental outlook and may spur similar tax‑efficient acquisitions by other institutional players.