- What Lankin Investments has made a record-setting multifamily purchase in Brampton, Ont.
- Why It is the largest multifamily deal in the GTA so far this year
- What next Lankin is rapidly expanding its portfolio
Lankin Investments purchased two apartment buildings in Brampton, Ont., for $132m in the largest multifamily deal in the Greater Toronto Area so far this year, Green Street News can reveal.
CBRE had the assignment for 2 and 4 Silver Maple Court on behalf of Canada Post Pension Plan. The valuation for the 416-unit portfolio comes out to $317,000/unit. The deal closed on May 7.
The sale marks the largest multifamily deal in the GTA so far this year, according to Green Street’s Sales Comps Database, with Lankin breaking its own record. The title was previously held by the firm’s acquisition of the 242-unit Brampton Village for $73.8m in January.
The most recent major multifamily transaction in the area was Marbrook Investment’s $44m sale of a Toronto apartment building earlier this month.
Both Silver Maple Court buildings were built in 1950 and have one- and two-bedroom apartments. A number of units have undergone upgrades including new appliances and countertops. Amenities include an outdoor pool and a basketball court.
The properties previously were managed by GWL Realty Advisors, which owns the neighbouring 6 Silver Maple Court. GWLRA recently listed the 339-unit building for sale, with JLL handling the marketing assignment.
The properties are in a central location, near the intersection of Dixie Road and Queen Street East. They are close to several retail properties, including the Bramalea City Centre shopping mall, and are less than a kilometre from Highway 410.
Lankin is a Woodbridge, Ont.-based multifamily investment firm that has grown rapidly over the past year. In February, it picked up a 93-unit apartment complex in Orangeville, Ont., for $30.5m. Four months prior, it purchased a midrise apartment complex in Hamilton for $8.2m.
In June, it acquired a 51-unit building in Mississauga for $15m and a 60-unit Etobicoke building, also for $15m. That same month, Lankin purchased two buildings — one in Hamilton and one in Toronto — for a collective $37.2m.
Lankin also has made investments out west, acquiring a new apartment complex in suburban Edmonton in September for $67m.
