EQUITON RESIDENTIAL INCOME FUND ACQUIRES TORONTO APARTMENT BUILDINGSNovember 19, 2020
For Immediate Release: November 19, 2020
BURLINGTON, ON, November 19, 2020– On November 19, 2020, the Equiton Residential Income Fund completed the purchase of two apartment buildings, totalling 76 units, located in Toronto, Ontario.
650 Woodbine Ave
The Beach Suites is a 38-unit residential complex located in Toronto’s sought-after The Beaches neighbourhood. Residents will enjoy outdoor amenities like the boardwalk for biking and rollerblading, sandy beaches, and volleyball courts; and of course, the Beaches is known for its trendy restaurants and shops.
787 Vaughan Rd
Gertrude Suites is a 38-unit residential complex located next to the new subway line currently under construction, providing convenient access to essentially all of Toronto. The new subway line is attracting residential and retail developments in the area adding to the many restaurants, grocery, and clothing stores.
Equiton will create value by renovating units to condo suite standards, adding revenue-generating amenities, and improving operational efficiencies. “We intend to capitalize on value lying dormant in our new properties,” says Jason Roque, Chief Executive Officer at Equiton.
“These two acquisitions demonstrate Equiton’s commitment to increasing our footprint in strategically desirable locations in one of Ontario’s largest markets.”, Roque continues.
“The buildings, in rapidly emerging neighbourhoods, will be accretive to our growing portfolio of properties.”
Toronto is the provincial capital of Ontario, the most populous city in Canada, and the fourth largest city in North America. Toronto is an international centre of business, finance, arts, and culture, and is one of the most multicultural and cosmopolitan cities in the world.
Equiton is a private equity firm that specializes in providing private market real estate investments to Canadians. It is led by a senior team of industry veterans who have more than 100 years of combined real estate, investing and management experience. Collectively they have overseen the acquisition and management of over $10 billion in real estate, developed over 100 million square feet of real estate projects and overseen a combined portfolio of more than 10,000 apartments in Canada and the United States.
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