- What Brookfield acquired two rental apartment complexes in Toronto for $437.2m
- Why Greenrock listed the buildings for sale last fall
- What next Brookfield took over the properties in early September
Brookfield Properties has purchased two large rental apartment complexes in Toronto for $437.2m, Green Street News can reveal.
The properties, sold by Greenrock, contain 1,188 units, putting the valuation at about $368,000/unit. RBC Capital Markets handled the sale, which closed on Sept. 5.
Greenrock initially listed the properties – the 483-unit 77 Davisville Avenue and the three-tower Village Green at 55 Maitland Street and 40 and 50 Alexander Street – last October. At the time, three of the five families that owned Greenrock were looking to divest from the company.
The Village Green complex accounted for $264.4m of the sale price. It has 705 units, 600 parking spaces, a laundry room and a dog park.
The 22-storey 77 Davisville traded for $172.8m. Amenities include a pool, a sauna and a rooftop terrace.
Both properties are near mass transit: Village Green is 350 m from the College subway station, and 77 Davisville is less than 300 m from the Davisville subway station. The properties are also close to grocery stores, shops and restaurants.
The Toronto market has seen a number of large multifamily purchases lately. On Sept. 25, Starlight closed on the acquisition of two rental apartment buildings in North York for $216.3m. Also last month, Canadian Apartment Properties REIT sold the 370-unit Park Vista for $133m.
