- What Lloydbrook Investments offloaded two GTA apartment buildings for $37.8m
- Why A private investor purchased the buildings for $236,000/unit
- What next Both buildings have significant rental upside potential
Lloydbrook Investments sold two Greater Toronto Area apartment buildings for $37.8m, Green Street News can reveal.
The buyer, a private investor, closed on the properties on Dec. 19, with Avison Young brokering the transaction. With a collective 160 units, the valuation translates to $236,000/unit and a capitalization rate of approximately 4%.
Barcelona, at 70 Paisley Boulevard West in Mississauga, has 84 residential units comprising one- to three-bedroom suites. Built in 1968, the average rent price is $1,284 — less than half of the expected average market rent of $2,581.
The building is 200 m from Hurontario Street and 400 m from the future Queensway station on the Hurontario LRT.
The second building, at 27 Gamble Avenue in Toronto, has 76 studio to two-bedroom units with an average rent price of $1,458. The average market rent price would be $2,406.
The six-storey building was constructed in the 1950s. It’s in the East York region of Toronto, just west of the Don Valley Parkway, and is 350 m from the future Cosburn Station along the Ontario Line subway.
A number of other GTA apartment buildings changed hands toward the end of 2024. In November, Oben Flats sold two luxury apartment buildings in Toronto for $68m to an Austria-based family office. And in October, nonprofit Houselink & Mainstay Community Housing bought an apartment building in Midtown Toronto for $7.2m.
