Alliance REIT Completes Renovation of Turn of Century Building at 1150 Davenport Rd

Renovations include the construction of 4 modern hard loft apartments and Alberta Provisions, a new wine bar and restaurant, making it the first mixed-use property in the Alliance Portfolio

TORONTO, Oct. 25, 2022 /CNW/ - Alliance REIT, a private real estate investment trust based in Toronto, ON., today announced the completion of The Davenport, a fully renovated building located at 1150 Davenport Rd., offering access to 4 boutique, hard loft apartments and Alberta Provisions a new wine bar and restaurant.

Built in the early 1900's, the building has served as a general store, pharmacy, hair styling studio and, most recently, a Portuguese churrascaria.  The building now offers bright, spacious and modern apartments with 3 stories, 4 residential units, one commercial space and 4 parking spots. It is well located in the popular Wychwood neighbourhood, near Davenport and Ossington.

"The Intent was to turn this property into a 6-unit hard loft residential building, however upon reflection, and in consideration of the amazing vine covered street side patio, and the rich history of the building itself, we decided to keep the lower level and front of the building as a bar and restaurant," said Hooman Tabesh, Founder and CEO of Alliance REIT.  "This is now the only mixed-use building in our portfolio." 

Renovations included the addition of a third story and construction of 4 modern apartments with new electrical, plumbing, HVAC, central AC, and ensuite washers and dryers.  The units boast 11-foot ceilings, 100-year old varnished plank flooring, exposed double brick walls and exposed 12-inch century old beams that were salvaged during the renovations.  Three light filled, one-bedroom hard loft apartments with large outdoor decks average approx., 800 square feet and rent for approximately $2100/month.  There is also a two level, sun-filled two-bedroom, two-bathroom loft that is 1100 square feet which rents for $2900/month. 

"Although our primary focus is residential, we believed this spot at the corner of Davenport and Alberta really deserved to be revived as a neighbourhood gathering space and we obliged, added Tabesh. "We're always striving to use our expertise and presence to generate attractive returns for our investors, while also adding value and making a positive impact on the neighborhoods and communities where we develop.  According to our neighbours, we have done that with this property in Wychwood."

Alliance creates unique living spaces in high demand Toronto neighbourhoods, helping contribute to the city's much-needed housing supply while also creating jobs for people who care about preserving architecture in Toronto neighborhoods. The Company maintains a portfolio of low-rise boutique buildings located mostly south of St. Clair in Toronto and has provided investors with 13% Year over Year returns since inception.

About Alliance REIT
Established in 2016, Alliance REIT is a Toronto based Real Estate Investment Trust which builds and manages unique multifamily boutique properties in dynamic urban neighbourhoods that attract discerning residents. The company is comprised of a local group of accredited investors, discerning residents, attentive property managers, professional real estate developers and committed community members. Alliance has provided superior returns compared to all major indices, including all public REITs, since inception. For more information: www.alliancereit.com 

SOURCE Alliance REIT

Sherry Boisvert (SBC for Alliance REIT), 647-830-8136, [email protected]