- What Lankin Investments has purchased an apartment building in Hamilton for $8.2m
- Why The Kiwanis Club of Hamilton was offloading the asset
- What next Lankin plans to make capital investments in the property
Lankin Investments picked up yet another southern Ontario apartment building, this time a midrise complex in Hamilton for $8.2m.
Lankin closed on the 72-unit Aubrey Jones Apartments on Oct. 17 and obtained a $9.8m loan from Computershare Trust of Canada.
Lankin bought the property on behalf of its Pulis Real Estate LP2 fund.
Kiwanis Club of Hamilton sold the seven-storey building at 255 King Street West. Between Hess Street South and Caroline Street South in downtown Hamilton, the property is 1.5 km from the West Harbour GO Station. Built in the 1960s, Aubrey Jones is geared toward seniors and adults.
At the time of acquisition, more than 30 units were vacant, which Lankin said will allow it to “make an immediate positive impact to this building, community and for our investors through our capital investment plans.”
Lankin has expanded its Ontario multifamily portfolio aggressively this year. The investment company purchased a two-tower complex with 467 units in Hamilton, a 118-unit building in Scarborough, a 94-unit building and an 81-unit apartment complex in North York, a 67-unit apartment building near the Newmarket GO station, a 60-unit property in Etobicoke, a 56-unit building in downtown Hamilton and a 51-unit property in Mississauga.
Outside of the province, Lankin bought a 117-unit property in Edmonton for $67m last month.
