BURLINGTON, ON, March 9, 2022 – The Equiton Apartment Fund (Residential Income Fund Trust) is pleased to announce the acquisition of two recently built properties: URBN Lofts in Guelph and Joseph’s Place in Breslau, near Kitchener Ontario. The total purchase price for both properties was $77.6 million.
URBN lofts is a modern rental residence with six stories, 93 units and 124 outdoor parking spots, located at 98 Farley Drive in one of the most sought-after neighbourhoods in Guelph. The building was completed in April 2021.
Joseph’s Place is a luxury, fully accessible rental property with four stories, 78 generously sized units and 114 parking spaces located at 208 Woolwich St. S., in the quaint community of Breslau. The building was completed in November 2020.
Both buildings offer condo style amenities including a fitness room, social room, lockers, and an outdoor BBQ area. Suites feature elegant modern finishes, stainless steel appliances, stone countertops, in-suite laundry, balconies, and ample natural light.
The Apartment Fund now comprises 28 properties across 14 communities in Southern Ontario with a total unit count of 1,964. The Fund currently owns properties in Guelph and Kitchener so adding these additional units allows for operational efficiencies and management synergies.
“We are pleased to be increasing our presence in these two communities, and to be able to offer residents upscale, maintenance free living with exceptional amenities.” commented Jason Roque, Equiton Founder and Chief Executive Officer. “These purchases are also great for our investors. As newer buildings, they will provide stable cash flows and will require lower expenditures for capital improvements and maintenance.”
Equiton Living will manage the property and rental inquiries can be made at 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 apartment buildings and select new multi-residential developments and apply its expertise and comprehensive management approach to create significant value for investors.
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