WHY WE CHOSE TO ADD THIS PROPERTY TO OUR PORTFOLIO:
Attractive Rental Market:As one of Canada’s fastest growing cities, London’s population is predicted to grow by more than 200,000 in the next 30 years. In 2022, demand for purpose-built rental apartments in London outpaced the increase in new supply, pushing the vacancy rate down to 1.7%, and driving the average rent for a 2-bedroomunit up by 5.8%.
Portfolio Expansion:Acquiringadditional multi-residential properties in a growing city like London allows us to expand our portfolio and increase our asset base, while taking advantage of management synergies and economies of scale.
Market Potential: Given the favourable rental market dynamics in this city, there is a significant 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 vinylplank flooring, and window coverings.
Location: Scenic Tower will be competitive in the market because it is ideally situated on a large lot in a secluded area, providing a serene, private environment for residents while offering easy access to Downtown London, the Victoria Hospital and an abundance of shops, restaurants and other amenities.
Scenic Tower offers the perfect blend of city convenience and natural beauty. It is ideally located in a sought-after neighborhood just a 6-minute drive to the Victoria Hospital and walking distance to the Thames River Valley, and an abundance of walking and cycling trails and parks. Commuting is a breeze with easy access to Highway 401 as well as multiple bus stops nearby connecting to Downtown London, Old East Village, and East London. With a variety of local shopping centres and entertainment options, residents enjoy a well-rounded lifestyle.
PROPERTY AND UNIT DETAILS:
The building has ninestoreys, 115units, 100 outdoor parking spaces and 48 underground.
Suites range from 511 sq. ft. to 1076 sq. ft.
Amenities including a social room, common laundry facilities, lockers, and an outdoor amenity area.
Address:470 Scenic Drive, London, ON N5Z 3B2 Purchase Date: Oct 19th, 2023 Year Built: 1970
Gain insights into how you can profit from multi-residential properties using our Apartment Fund.