- What Lankin Investments purchased a Mississauga apartment building for $15m late last month
- Why A private investor was looking to offload the 51-unit asset
- What next The property adds to Lankin’s rapidly growing GTA rental portfolio
Lankin Investments purchased yet another GTA apartment building last month, this time a 51-unit property in Mississauga for $15m, Green Street News can reveal.
The complex, at 1111 Forestwood Drive, was built in the 1960s. It’s one of several vintage GTA rental assets that Lankin has purchased since the start of the year.
The property traded at a 4.1% capitalization rate, and the seller, a private individual, provided an $11.8m vendor take-back loan on a two-year term.
Cushman & Wakefield handled the sale, which closed on June 24, ahead of the capital-gains tax increases set to take effect the following day.
The property is in the Erindale neighbourhood in central Mississauga, just north of the intersection of Dundas Street West and Erindale Station Road. It’s across the street from the Westdale Mall, home to Chuck’s Roadhouse, FreshCo, Giant Tiger, Planet Fitness, Service Ontario and Winners.
Lankin has been picking up rental assets all across the GTA over the past several months. This year alone, the investment company purchased a two-tower complex with 467 units in Hamilton, a 118-unit building in Scarborough, a 94-unit building and an 81-unit apartment complex in North York, a 67-unit apartment building near the Newmarket GO station and a 56-unit building in downtown Hamilton.
