29 Jun, 2021, 08:00 ET
OAKVILLE, ON, June 29, 2021 /CNW/ - Two Sevens Capital Group of Companies ("Two Sevens Capital") announced today that it has acquired a 20 Unit Multi-Family Low Rise Multi-Residential building in Hamilton, ON. ("The Property") for its Ontario-focused mid-cap portfolio.
"We are excited to expand our footprint in the City of Hamilton, bringing our total units under ownership to 130. This acquisition met all our Mid-Cap Multifamily, Value-Add investment objectives, and given that we were able to acquire this property off-market, we are comfortable that it was purchased at a fair value. We see a significant opportunity to create value and look forward to expanding our relationships in the City of Hamilton." Said Jon Olynick ~ Managing Partner & Head of Real Estate
The Property is a prime residential rental and is well situated with proximity to local amenities. The concrete constructed building is a 3 Storey low rise and offers a range of one- bedroom and two-bedroom units. 385 Melvin Avenue is the ideal building situated conveniently close to the Redhill Valley Parkway making it easily accessible for a wide range of tenants with its proximity to Amazon's fulfillment centre, Mohawk College, Hamilton General Hospital, and the city's commercial and industrial nodes. The building is also nearby to local parks, and walking distance to nearby restaurants and grocery stores. Notable shopping offerings include Eastgate Square and The Centre on Barton. Tenants also have easy access to public transit and local schools.
"We first started investing in this market in 2019 as co-investors alongside a fantastic operating partner. Those initial investments have been performing so well that it has encouraged us to evolve and intensify our investment strategy that will significantly increase our participation in this booming city. As we have created vertical capacity, this acquisition becomes one of the first assets that we acquired for our new mid-cap multi-residential fund that was launched earlier this spring (77C Cornerstone Real Estate LP). We have assembled a tremendous Hamilton-based operations team that will help us manage the day-to-day in our local investments. We look forward to providing great places for Hamiltonians to live for the long-term." Said Adam J. Batstone ~ Founder & CEO
About Two Sevens Capital
Founded in 2018 by industry veteran Adam J. Batstone, Two Sevens Capital is a private investment boutique that has a principal goal of providing every-day access to institutional-quality assets. The firm identifies with entrepreneurial, high net worth individuals as investment partners, and with a core competency in private equity real estate has developed a very focused and active deal pipeline that will help fuel its growth into one of the province's most sought-after alternative investment managers. Please visit us at www.twosevenscapital.com
SOURCE Two Sevens Capital
For further information: Adam J. Batstone, Founder & CEO, [email protected]; Jon Olynick, Managing Partner & Head of Real Estate, [email protected]
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