the Equiton Apartment Fund has added two newly constructed apartment buildings in the Guelph and Kitchener areas of southwestern Ontario to its portfolio for $77.6 million.
In Guelph, URBN lofts is a modern six-storey, 93-unit rental residence with 124 exterior parking spaces, located at 98 Farley Dr. in a popular area of the city. The building was completed in April 2021.
Joseph’s Place is located at 208 Woolwich St. S. in the community of Breslau, just outside of Kitchener. The fully accessible, luxury rental property features 78 “generously sized” units over four floors. It also includes 114 parking spaces. The building was completed in November 2020.
The purchase price represents an average price of nearly $454,000 per unit.
“We are pleased to increase our presence in these two communities and to be able to offer residents high-end, maintenance-free housing with exceptional amenities. said Jason Roque, founder and CEO of Equiton, in Wednesday’s announcement. “These purchases are also interesting for our investors.
“As newer buildings, they will provide stable cash flow and require less spending on capital improvements and maintenance.”
Equiton Apartment Fund
Both communities are just west of the Greater Toronto Area.
Both buildings offer condo-style amenities including a fitness room, social room, lockers, and outdoor BBQ area. Apartments feature modern finishes, stainless steel appliances, stone countertops, laundry facilities, balconies, and plenty of natural light.
Equiton’s apartment fund includes 28 properties in 14 southern Ontario communities with a total unit count of 1,964. The fund has other properties in Guelph and Kitchener, so these properties will operational and management efficiency.
The fund’s strategy is to acquire existing apartment buildings and select new multi-residential developments and apply its expertise and management approach creating value for investors.
Equiton Living will manage the properties.
Recent acquisition of Ottawa
Burlington-based Equiton has also been active this year with its Residential Income Fund, recently acquiring a 75% stake in a three-tower residential development in Ottawa for $30 million.
This project, on which she will join forces with Main and mainis located in the Riverfront district of the city, along the Rideau River, on the outskirts of downtown Ottawa.
It is planned to include three residential towers of 22 to 32 floors, plus a podium.
It will include over 790,000 square feet of residential space, housing approximately 1,000 “premium residential rental units” along with amenities. The two-story podium will include over 32,000 square feet of retail space.
The partners hope to begin construction this summer.
The Residential Income Fund had $527 million in assets under management at the end of 2021, up 86% year-over-year from $284 million.