- What An apartment building has traded in Scarborough for $27.5m
- Why Avison Young has marketed the asset since 2023
- What next The property has rental upside and infill potential
An apartment building in Toronto’s Scarborough region has traded for $27.5m, Green Street News can reveal.
The valuation for the 106-unit property at 290 Morningside Avenue works out to $259,000/unit. Avison Young brokered the deal on behalf of Edelstein Apartments. The transaction closed on May 14.
The unknown buyer’s purchase was funded via two loans: a $16.5m loan from CMLS Financial and an $8.3m vendor take-back loan.
The property, built around 1960, has been on the market since 2023. At the time, the net operating income was just under $1m, translating to a 3.6% capitalization rate at the May sale price.
The units comprise one- to three-bedroom suites. Marketing materials highlighted the property’s significant rental upside and infill potential.
The building is just north of the intersection of Morningside Avenue and Kingston Road, where there are multiple retail properties with large tenants such as Shoppers Drug Mart and No Frills.
It is just over a kilometre from the University of Toronto’s Scarborough campus and is 2km from the Guildwood GO station.
The Greater Toronto Area multifamily market has been slow this year, but a handful of high-priced trades have taken place since the beginning of the year, according to Green Street’s Sales Comps Database. The largest was Lankin Investments’ $132m purchase of an apartment building in Brampton last month.
