BURLINGTON, ON, Oct. 5, 2021 – The Equiton Residential Income Fund (The Apartment Fund) is pleased to announce the acquisition of a multi-family residential apartment building that stands 18 storeys and has 129 units in London, Ontario.
The Kingswell Towers, which was purchased for $34 million, complements the company’s existing portfolio and will drive further synergies in the London, Ontario market.
In 2021, Equiton’s portfolio of multi-residential rental units in Ontario has grown exponentially resulting in the tremendous growth of the Apartment Fund. This year alone, the Fund’s overall portfolio has grown from 1036 units to 1746 units, an increase of nearly 70%.
“This purchase brings us to $150 million in acquisitions this year and aligns with our ambitious growth and expansion strategy that will continue throughout 2021. We are proud to be further expanding our presence in the city of London with this well-situated downtown property.” said Jason Roque, Equiton Founder and Chief Executive Officer.
With this acquisition, Equiton’s Apartment Fund now comprises 24 properties in 12 communities across Southern Ontario.
ABOUT THE PROPERTY
The Kingswell Towers offers one- and two-bedroom rental apartments, ranging from 811 sq. ft. to 1169 sq. ft, and expansive two- and three-bedroom penthouses ranging from 1903 sq. ft. to 2009 sq. ft. These spacious, renovated suites feature large eat-in kitchens, in-suite laundry, and walk-in closets. Residents can live an active lifestyle with condo-like amenities, including a fitness room, social room, hot tub and sauna, and access to various parks, walking trails and bike paths.
The property is conveniently located within walking distance of downtown London and all the world-class shopping, restaurants, and entertainment the city has to offer. Equiton Living will manage the property, and rental inquiries can be made at equitonliving.com.
Founded in 2015, Equiton is a recognized leader in private equity investments and is approaching half a billion in assets under management. Our exponential growth is a direct outcome of our leadership team understanding how the industry works and how to create long-term wealth through real estate investing. We’ve discovered that finding the right opportunities involves time, experience, and discipline. Our strategy is always forward-looking, anticipating trends and adapting our approach to strengthen our market position, capitalizing on value creation opportunities, and building the most robust portfolio possible for our investors.
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