Minto Apartment REIT (MI-U) is the next multi-family REIT to go private in a $2.3B deal led by Crestpoint (CC&L) and Minto Group, leaving three main Canadian players in public markets after InterRent’s take-private last year.

The transaction comes on the heels of slowing NOI growth, as headwinds to population…

… and multi-unit absorption have pressured occupancy and rent growth, presenting an opportunity for private capital to play the long game. Let’s see if the Canadian names re-price and stop the bleeding from here.