- What Oben Flats sold two Toronto multifamily buildings for $68m
- Why An Austria-based family office had been looking to enter the Canadian market
- What next Oben continues to manage more than a dozen rental properties
Oben Flats has sold two luxury Toronto apartment buildings for $68m, Green Street News can reveal.
The developer offloaded the buildings, at 1075 Queen Street East and 109 Vaughan Road, to an Austria-based family office that was looking to enter the Canadian market. Cushman & Wakefield brokered the deal, which closed on Nov. 28.
The purchase price was split evenly between the two properties. The Vaughan Road property, completed in 2019, comprises nine storeys and 51 units, with pricing working out to $667,000/unit.
The Queen Street East building, completed in 2016, rises six storeys and has 48 units, with pricing coming out to $708,000/unit.
The properties have rooftop terraces, lounges, state-of-the-art fitness centres and storage lockers. The Queen Street East property also has retail space on the ground floor, occupied by a Wine Rack and a furniture store.
Both also are in desirable areas. The Queen Street East property is in trendy Leslieville, and the Vaughan Road building is on the edge of the Casa Loma neighbourhood, near the intersection of St. Clair Avenue West and Bathurst Street.
Oben Flats is a subsidiary of Oben Group, which also operates development and construction management firm Oben Build, asset and property manager Oben PM, and furniture and decor brand Oben Shops.
Collectively, the Oben brands own more than a dozen commercial rental properties in the Greater Toronto Area, with a mix of multifamily and medical-office assets.
