- What Houselink & Mainstay acquired a 27-unit apartment building in Midtown Toronto for $7.2m
- Why A private investor offloaded the property
- What next It’s unclear whether Houselink & Mainstay intends to redevelop the property
Houselink & Mainstay Community Housing has purchased an apartment building in Midtown Toronto for $7.2m, Green Street News can reveal.
The 27-unit building at traded at a capitalization rate of roughly 3.75%, and the valuation works out to $267,000/unit. The seller was a private investor, with CBRE handling the sale. The deal closed on Oct. 10.
The building is at 142 Vaughan Road, 350 m from the intersection of Bathurst Street and St Clair Avenue West and 600 m from the St Clair West subway station. It was built in 1958 and has studio to two-bedroom units. The units have balconies, and there are on-site laundry facilities.
Houselink & Mainstay is a nonprofit supportive housing agency with more than 1,300 units in Toronto. Its portfolio includes market-rent and affordable units with support services offered to some tenants for addiction and mental health.
It is unclear whether Houselink & Mainstay intends to maintain the property or redevelop it. The nonprofit is redeveloping a 27-unit building at 1117 Danforth Avenue into a 14-storey, 108-unit tower.
