23 Lynnwood Drive

Property Purchase

23 Lynnwood Dr., Brantford, ON

WHY WE CHOSE TO ADD THIS PROPERTY TO OUR PORTFOLIO: 

  • Operating Efficiencies: This property will provide an opportunity to take advantage of increased synergies related to staffing and third-party operating contracts as it is next door to our existing Lynnwood Place property at 19 Lynnwood Drive, with a shared driveway.

  • Attractive Rental Market: Southwestern Ontario’s multifamily market has experienced healthy demand in recent years, and Brantford is experiencing the impact of this growth in demand. According to CMHC Rental Market Statistics, Brantford had a 4.5% increase in average rent from October 2021 to October 2022 to $1,246, as well as a 3.2% decrease in vacancy to 1.3% over that same period.

  • Market Potential: Given the favourable rental market dynamics in this city, there is an opportunity to increase rental revenues at suite turnover in line with market rates. All suites will be renovated at turnover and will feature quartz countertops, four stainless-steel appliances, luxury vinyl plank flooring or re-finished parquet flooring, and updated bathrooms and kitchens.

  • Below Market Financing: The Apartment Fund will be assuming an in-place mortgage of $3,720,127 with an interest rate of 2.28% maturing September 1, 2029. This will provide a cheaper source of capital than the current interest rate of approximately 5.25%.

LOCATION:

This building is in East Brantford, just south of Colborne St E. and next door to our existing Lynnwood Place property at 19 Lynnwood Drive. It is situated in a quiet residential area only a short walk from parks, walking trails, shopping and restaurants. There is also easy access to major highways and public transportation.

braemar place equiton

PROPERTY AND UNIT DETAILS:

  • The building has six storeys and 55 one-, two- and three-bedroom suites.
  • Spacious suites range from 620 sq. ft. to 1120 sq. ft., and feature balconies and plenty of natural light.
  • Amenities include common laundry facilities, lockers and 74 outdoor parking spaces.

Purchase Price

$11,250,000

Address : 23 Lynnwood Dr., Brantford, ON

Purchase Date: December 19, 2023

Year Built: 1969

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