BURLINGTON, ON, Oct. 19, 2023 – The Equiton Residential Income Fund Trust (The Apartment Fund) is proud to announce the successful acquisition of Scenic Tower, a multi-residential property situated in London, Ontario. This strategic move further solidifies Equiton’s position in the real estate market and underscores the company’s commitment to delivering exceptional value to its investors and residents. The purchase price for the property was $21.5 million.
Scenic Tower has nine storeys, 115 units, and 148 combined outdoor and underground parking spots. It’s conveniently located in a residential neighbourhood in Southeast London near public transportation and Highway 401, providing residents with easy access to Downtown London, the renowned Victoria Hospital, nearby shopping centres, and a network of picturesque walking and cycling trails.
Ryan Donkers, VP, Acquisitions at Equiton commented on the acquisition saying, “We are thrilled to add Scenic Tower to our portfolio. Scenic Tower is an excellent addition to Equiton’s Apartment Fund, showcasing our strategic approach to real estate investment, combining location, quality, and market potential, and then actively managing the property with a focus on increasing the value organically, through improved operational efficiencies, functionality and aesthetics.”
“We are excited to acquire our third property in London, Ontario, as it allows us to harness the management synergies and economies of scale that come with having multiple properties in the same city. This strategic expansion enhances our ability to provide superior property management services and deliver exceptional value to our investors while maintaining our commitment to creating outstanding living experiences for our residents,” commented Paul Holowaty, VP, Operations Income-Producing Properties.
Equiton Living will manage the property and rental inquiries can be made at www.equitonliving.com.
Equiton’s Apartment Fund now comprises 33 properties in Ontario and Alberta with a total of 2,674 residential units. The Fund specializes in acquiring multi-residential properties in Canada and increasing their value through active management, targeting an annual net return of 8-12%. Investors benefit from monthly distributions from rental income and capital appreciation from property value increases.
Proudly Canadian-owned and operated, Equiton is a leading private equity firm that delivers notable returns for investors. We believe in making private real estate investing accessible to all Canadians and provide easy access to all types of investment-grade real estate through our proven high-performing investment solutions. We offer true diversification, full transparency, and all the benefits of real estate investing without the difficulties of financing, tenant management, building maintenance or project management.
For more information, visit www.equiton.com.
VP, Marketing & Communications