- What Pier 4 has four Ontario properties under contract
- Why The firm focuses on apartment buildings in secondary markets that offer strong value-added opportunities
- What next The deals will close in Q2 and Q3
Pier 4’s busy year is about to get even busier as the firm has four Ontario apartment buildings under contract for over $30m in total, Green Street News can reveal.
Two of the deals are expected to close by the end of Q2 and the remainder by the end of Q3. The firm is still performing due diligence on the properties.
Two of the buildings are in Hamilton, while the other two are in London. The Hamilton properties comprise two three-storey apartment buildings with a total of over 130 units. The London properties comprise over 60 units, also in three-story buildings.
The properties are undervalued compared to the market on a price-per-unit basis and offer significant upside potential, Pier 4 told Green Street News.
The company focuses on acquiring low- to midrise apartment buildings in secondary markets that offer strong value-added opportunities. It aims to create value through strategic capital investments and professional management.
Pier 4 is coming off a robust first quarter, in which they closed on four properties.
On Jan. 30, the firm closed on 2705 King Street East and 1324-1332 Monterey Avenue, both in Hamilton, for $13.75m. Pier 4 said it plans to renovate the vacant suites.
On Feb. 28, Pier 4 purchased 9 Lodge Street in Waterloo, Ont., for $10.4m. Built in 1989, near-term plans for the building are to renovate vacant suites and sever the land from two freehold homes that were part of the original parcel of land.
The most recent deal Pier 4 closed was for 36 Talbot Street in Kitchener, Ont. Acquired on March 12 for $6.5m, the 1965-built property will undergo near-term renovations of vacant suites and common areas.
