- What Richmond Asset Management has purchased two multifamily buildings in Windsor
- Why The condominium-registered buildings operate as rental apartments
- What next The asset manager is looking to expand in the Windsor area
Richmond Asset Management has purchased two condominium apartment buildings in Windsor, Ont., for $10.8m, Green Street News can reveal.
The midrise buildings at 1980 and 1989 Wyandotte Street West collectively have 79 residential units, with the price translating to $136,000/unit. The capitalization rate was 6.5%.
The sale closed on Jan. 16 with RE/MAX’s Fergo Group brokering the deal. The seller was a private investor.
Although registered as condo buildings, the assets have a single owner and operate as rental apartments. They are fully occupied and comprise studio to two-bedroom units. The average rent is $1,207.
The buildings are close to the University of Windsor, just south of the Detroit River. The on-ramp to the Ambassador Bridge border crossing is less than a kilometre away.
Richmond Asset Management is a growing commercial real estate asset management firm with nearly 400 residential and retail units in its portfolio. The company is actively looking to purchase more assets in the Windsor area.
