- What Brookfield has agreed to buy a large student-housing property in Ontario
- Why The 3-year-old complex has 582 beds
- What next The deal is expected to close in Q2
Brookfield has agreed to buy a purpose-built student-housing complex in London, Ont., for $100m, Green Street News can reveal.
The 582-bed property, known as “the | w,” was completed by developer Reid’s Heritage Properties in 2022. The price works out to $172,000/bed. The deal is said to be firm but won’t close until the second quarter.
The trade is part of the $6bn of residential assets the company purchased or went under contract to buy in 2024.
The property, at 164 Sherwood Forest Square, comprises six four-storey buildings with fully furnished suites that can be rented by groups of people or by individuals. An amenity building, called the Clubhouse, has a barbecue area, a gym, a games room and a lounge, and offers yoga classes.
Reid’s joined forces with AJDL Investments in 2018 to partner with local investors for the funding of several of projects, including the | w.
The property is less than a kilometre from Sherwood Forest Mall, 2 km from Western University, 5 km from the London VIA train station and 13 km from London International Airport.
Brookfield has shown significant interest in student housing of late, purchasing 14 student-housing properties in the U.S. for US$893m (C$1.28bn) in late 2024, Bloomberg reported.
In a 2024 report on student housing, Peakhill Capital said a shortage of supply coupled with high turnovers and low vacancies “demonstrates that the student housing sector is experiencing dynamic market trends, creating prime opportunities for investors.”
On- and off-campus buildings in Canada provide about 155,000 beds for students, representing 16% of full-time student enrollments, the report said. Of that, about 52,600 beds are off campus in privately owned buildings.
