- What Two apartment buildings in Hamilton traded for $32.3m
- Why A private family offloaded the assets after owning them for decades
- What next Both buildings have significant rent upside potential
Two apartment buildings in Hamilton have changed hands for $32.3m, Green Street News can reveal.
The buildings, at 420 Greenhill Avenue and 223 Jackson Street West, were sold in separate deals by a private family to other private investors. Colliers Greater Toronto Area multifamily team brokered the transactions, which closed in early April.
Both buildings were constructed in the 1970s and had been owned by the family for decades.
The larger of the buildings, on Jackson Street West, is 11 storeys tall and comprises 110 units. It sold for $18.5m, or $168,000/unit, on April 7.
The building, dubbed Jackson Villa, has one- and two-bedroom apartments and shared laundry facilities. According to marketing materials, it was 98% occupied with an average rent of $1,036 – 59% below market rates.
The property is in downtown Hamilton, close to the Jackson Square mall and FirstOntario Concert Hall. Hamilton GO Centre is less than a kilometre away.
The Greenhill Avenue building, known as Glen Valley, rises nine storeys and comprises 87 units. It traded for $13.8m, or $159,000/unit, on April 2.
The building has one- to three-bedroom units and was 99% occupied at the time of marketing. Average rent price is $1,185, 56% below market rents. The building has two unused rooms in the basement with the potential to be converted into amenity space.
It is in the east end of Hamilton, on the border of the Red Hill and Vincent neighbourhoods. The Red Hill Valley Parkway is 600m away.
