- What Lankin Investments has purchased an apartment building in Brampton, Ont.
- Why Capreit sold the 242-unit building for $73.8m
- What next Lankin is rapidly growing its multifamily portfolio in the GTA
Lankin Investments’ Lankin Apartment REIT purchased the Brampton Village apartment complex in Brampton, Ont., for $73.8m, Green Street News can reveal.
Canadian Apartment Properties REIT sold the 242-unit building at 80 Orenda Court, with the price translating to $305,000/unit. The deal closed on Jan. 22.
The units comprise one- to three-bedroom suites, and occupancy is around 97%. Many of the units have been renovated with new flooring and finishings.
The building has a party room, a laundry room and a gym. There is a surface-level parking lot and a playground.
Brampton Village is in the south end of Brampton, 5 km north of Highway 407 and less than 2 km west of Highway 410. It is 1 km from Algoma University and 200 m from the William Osler Health System’s Peel Memorial Centre for Integrated Health and Wellness.
Lankin has rapidly grown its multifamily portfolio in the Greater Toronto Area over the past year. In October, it picked up a midrise complex in Hamilton for $8.2m. In June, it bought a 51-unit property 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.
The firm has also been active out west, acquiring a new apartment complex in suburban Edmonton for $67m in September.
