EQUITON EXPANDS PRESENCE IN GTA WITH ACQUISITION OF BRAMPTON APARTMENT BUILDING
BURLINGTON, ON, July 21, 2022 /CNW/ - The Equiton Residential Income Fund Trust (The Apartment Fund) is pleased to announce the acquisition of a multi-family residential property in Brampton, Ontario. The purchase price for the property was $63.25 million.
The building, which will be known as Braemar Place, has 15 stories, 153 units and 198 combined indoor and outdoor parking spots. It is ideally located at 78 Braemar Drive in Brampton across the street from the Bramalea City Centre, one of the largest shopping malls in Canada. This property offers spacious, renovated suites and condo-style amenities including storage lockers, bicycle storage, a playground and an outdoor swimming pool.
Boasting 74 consecutive months of positive returns since its inception, The Apartment Fund now comprises 29 properties in 15 communities across Southern Ontario with a total unit count of 2,117. The Fund already owns several other properties in the GTA so adding these additional units will further enhance operational efficiencies and management synergies.
"We are truly excited to be expanding our presence in the GTA with this acquisition. With its large suites, sought-after amenities, and ideal location close to transit, shopping and dining, this property will appeal to a diverse renter base" commented Jason Roque, Equiton Founder and Chief Executive Officer. "Furthermore, the significant capital investments made recently to improve the building and renovate the suites, makes this a strong addition to our Apartment Fund, which will benefit our investors."
Equiton Living will manage the property and rental inquiries can be made at www.equitonliving.com.
The Equiton Apartment Fund is a private real estate investment trust that has proven itself as a steady and strong performer in the Canadian Private Real Estate and Alternative Investing arenas. The strategy of the Fund is to acquire existing multi-residential properties and select new developments and apply its expertise and comprehensive management approach to create significant value for investors.
To learn more about Equiton, please visit our website at www.equiton.com.
SOURCE Equiton
Kathy Gjamovska, VP, Marketing & Communications, [email protected], 289-208-0817
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