- What Equiton Living has bought a multifamily property in Welland, Ont.
- Why The complex was added to its apartment fund
- What next Equiton plans to implement upgrades in the coming years
Equiton Living has paid $73m for a multifamily property in Welland, in the Niagara region of Ontario, Green Street News can reveal.
The sale of the 388-unit property, at 200-230 Denistoun Avenue, closed on June 21. The seller was L. Viger Construction Limited.
The purchase price translates to roughly $188,000/unit.
Equiton is managing the property and plans to invest in improvements, including updates to common areas and installing systems to reduce energy consumption.
The complex encompasses four eight-storey buildings on about 12 acres. It’s adjacent to the Welland Recreational Waterway and close to downtown Welland. Shopping centres, a hospital, Brock University and Niagara College are nearby.
Equiton added the property to its apartment fund, which comprises 38 properties in Ontario and Alberta with 3,117 units. The fund targets an annual net return of 8% to 12%.
Article updated at 11:50 a.m. ET on June 27 to include the name of the seller.
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