- What Lankin Investments purchased midrise apartment buildings last month in Toronto and Hamilton
- Why The asset manager is actively growing its Greater Toronto and Hamilton Area portfolio
- What next Lankin says it will bring “innovation, environmental sustainability and capital investment” to the properties
Lankin Investments recently acquired two apartment buildings in southern Ontario — one in Toronto and one in Hamilton — for a total of $37.2m, Green Street News can reveal.
Lankin, formerly Pulis Investments, purchased the 94-unit Black Creek Terrace for $25.9m, or $275,000/unit. The property, built in 1962, is at 1640 Lawrence Avenue West in the north end of Toronto.
The deal closed on June 21, and $21.05m of financing was provided by the seller, operating under the name 1640 Lawrence Avenue West Inc.
Lankin also purchased the 56-unit Hughson Towers, at 150 Hughson Street South in downtown Hamilton, for $11.3m, or $202,000/unit, from two private individuals, Martha Bendzsel and Charles Bendzsel. The deal closed on June 19, and Computershare Trust of Canada wrote a $13.6m loan.
The 12-storey Hughson Towers, 200m from the Hamilton GO Centre, was built in 1975. Lankin said it plans to bring “innovation, environmental sustainability and capital investment to this property.”
The asset manager oversees more than $1bn of multifamily assets and has expressed a commitment to continue growing in the Greater Toronto Area. This year alone, Lankin purchased an 81-unit apartment complex in Toronto’s North York, a 67-unit apartment building near the Newmarket GO station, a two-tower complex with 467 units in Hamilton and a 118-unit building in Scarborough.
