- What Developer Marydel Homes is looking to offload an apartment complex in the Greater Toronto Area
- Why Picasso Place completed construction last year
- What next Colliers has the marketing assignment
Marydel Homes has listed a recently built apartment complex in the Greater Toronto Area with pricing guidance around $40m, Green Street News can reveal.
Picasso Place, at 13042 Yonge Street in Richmond Hill, is being marketed by Colliers’ GTA multifamily team, led by Alexander Silver. The team includes Tut Ruach and Steven Fontes.
The five-storey building, completed in 2024, has 64 one- and two-bedroom suites. The valuation works out to $625,000/unit. The average rent is $2,235, and year-one net operating income is expected to be $1.4m.
“Picasso Place is a newly built, amenitized building along one of the GTA’s most accessible corridors,” Silver told Green Street News. “Of the 64 units, 10% are still vacant, which presents an incredible lease-up opportunity for a buyer.”
The building spans 64,000 sq ft and has a fitness centre, underground parking and a rooftop deck. Units are outfitted with laundry and smart wall pads that can display security-camera feeds, set alarms, monitor leak detection and control the temperature.
The property is in a convenient location, less than a kilometre from grocery stores, restaurants, gas stations, shops and parks. Public transit is immediately available along Yonge Street. Highway 404 and the Gormley GO station are 5 km away, and Highway 400 is 9 km away. The property is a kilometre from Bond Lake and its surrounding trails.
Richmond Hill is a city of 211,000 people immediately north of Toronto. The area has seen some notable residential deals within the last 18 months. In March 2025, Medallion Developments picked up 47 acres of residential development land in Richmond Hill for $44.5m.
In nearby Newmarket, Lankin Investments purchased two apartment buildings last year, according to Green Street’s Sales Comps Database: 75 Huron Heights Drive in October for $33.5m and 25 Lorne Avenue in February for $16.8m.
Marydel Homes is an Aurora, Ont.-based developer of single-family homes and mid-rise apartment buildings in Southern Ontario. Vito Montesano is president.
