- What Lankin Investments has purchased an apartment complex in the Greater Toronto Area for $30.5m
- Why It’s the firm’s third recent acquisition from Capreit
- What next Lankin continues to focus on portfolio growth
Lankin Investments has picked up another apartment complex from Canadian Apartment Properties REIT for $30.5m, Green Street News can reveal.
Lankin closed on Lindsay and Parker Towers, at 45 Bredin Parkway in Orangeville, Ont., on Feb. 19. The valuation for the two-building, 93-unit complex works out to $328,000/unit.
The buildings are registered as condominiums with all units placed under a single ownership and rented out to tenants. They comprise one- to three-bedroom suites. Amenities include a gym, a laundry room and a party room. The property has underground and surface-level parking.
The complex is less than a kilometre from several retail plazas with stores such as Best Buy, Canadian Tire, Home Depot, Staples, Walmart and Winners, as well as a number of restaurants. It is 700 m from Highway 10 and 200 m from a GO bus stop.
Lankin is rapidly expanding its portfolio in Ontario and has made multiple acquisitions from Capreit recently, including a $73.8m deal for a 242-unit building in Brampton last month. In October, Lankin purchased Capreit’s Huron Heights Apartments in Newmarket for $33.5m.
Other recent acquisitions include an $8.2m apartment building in Hamilton, a $15m building in Mississauga, a $15m building in Toronto and two buildings in Toronto and Hamilton jointly purchased for $37.2m. Lankin also picked up a 177-unit apartment building in Edmonton in September for $67m.
