- What Equiton purchased four Toronto rental properties last month for $130m
- Why Starlight and Blackstone were looking to offload the assets
- What next Equiton will manage the apartment buildings
Equiton acquired four rental apartment properties in Toronto last month for $130.2m, Green Street News can reveal.
The price for the portfolio, sold jointly by Starlight Investments and Blackstone, works out to roughly $376,000/unit and translates to a 4.6% capitalization rate. The deal closed on Sept. 18. The sale was announced that same day, but no financial details were disclosed.
An 80-unit building at 4190 Bathurst Street, in the North York region, traded for $28.4m. The nine-storey property has a pool, a common area and storage lockers.
Several kilometres down the road at 1862 Bathurst Street in the Forrest Hill neighbourhood, the 75-unit Ava Manor accounted for $29.4m of the purchase price. Built in 1951, the property is just 350 m south of Eglinton Avenue West.
The bulk of the deal comprised two assets at 120 and 130 Raglan Avenue that traded for $72.3m. At 120 Raglan is a nine-storey, 175-unit rental complex built in the 1960s. Next to it at 130 Raglan is a three-story, recently completed infill development with 16 townhouses.
The Raglan Avenue properties are also in Forest Hill – an area in which the investment company has confidence.
“Forest Hill is a premier area to live in Toronto,” Jason Roque, chief executive of Equiton, said in the September announcement. “The area not only offers strong rental fundamentals but also a vibrant community atmosphere, making it an attractive location for residents seeking high-quality living and for investors aiming for stable, long-term returns.”
Equiton plans to manage its new acquisitions. The Burlington, Ont.-based company’s apartment portfolio now includes 41 buildings across Ontario and Alberta with 3,457 residential units and six commercial units.
