- What Pier 4 has purchased a Waterloo apartment building
- Why The acquisition aligns with Pier 4’s investment strategy of acquiring properties in growing cities
- What next The firm is committed to providing improved rental housing
Pier 4 has acquired an apartment building in Waterloo, Ont., for $10.4m, Green Street News can reveal.
The REIT bought the building, at 9 Lodge Street, from a private family. The deal closed on Feb. 28 with the valuation working out to $189,000/unit, inclusive of two single-family homes on the nearly 1-acre property.
The eight-storey building was constructed in 1989 and has 10 one-bedroom apartments and 45 two-bedroom apartments.
It has a game room, a gym, a party room with a kitchen, two laundry rooms, an outdoor covered patio with a barbecue area, and a generator in case of power loss. Improvements include new windows, insulated aluminum cladding and unit upgrades.
The acquisition aligns with Pier 4’s investment strategy of acquiring assets in economically strong and growing cities within Canada. The firm says it’s committed to providing improved rental housing for residents.
