- What An apartment complex in Belleville, Ont., is seeking bids around $61m
- Why Developer KGF Capital Realty completed construction of the building in 2023
- What next Colliers has the marketing assignment
A recently built apartment complex in Belleville, Ont., is on the market with pricing guidance of around $61m, Green Street News can reveal.
Colliers has the marketing assignment for the Magnolia, at 135 Station Street, on behalf of developer KGF Capital Realty.
The six-storey building, completed in 2023, has 133 residential units and two ground-floor commercial units. The expected net operating income in the first year is $2.9m. At the estimated price, the value works out to about $459,000/unit.
There is an assumable mortgage of $23m at a 1.61% interest rate, maturing on Jan. 1, 2030. KGF is also willing to provide a $23m vendor take-back mortgage with interest-only payments.
During construction, KGF received a $23m loan for the project through CMHC’s rental construction financing initiative. The loan was announced by then-Minister of Families, Children and Social Development Ahmed Hussen in May 2021.
The Magnolia has one- and two-bedroom suites. Of the 133 units, 117 have in-suite laundry. Shared laundry facilities on site service the remaining units and provide supplementary income.
The building also has locker rentals, a gym, a rooftop patio and a barbecue area. There are 141 parking spaces, and car-charging rentals are available.
The commercial units, measuring 1,100 sq ft and 2,100 sq ft, are vacant.
Station Street is part of Highway 37, a main throughway in Belleville with connections toward Ottawa. The site is less than 250 m from the Moira River and roughly 700 m to the Belleville VIA Rail station. Belleville is a city of 57,000 people on the eastern end of Lake Ontario, roughly halfway between Toronto and Ottawa.
KGF Capital Realty is a Belleville-based development firm owned by partners Frank Giannopoulos, Gus Papakiriazis and Ken Papakiriazi.
