Property Purchase
URBN Lofts, Guelph
REASONS FOR BUYING:
Stable Cash Flow: New buildings offer stable cash flows and require lower expenditures for capital improvements, maintenance, and unit turnover compared to older buildings.
Operating Efficiency: The Equiton Apartment Fund already has two properties in Guelph. Adding these additional units will allow for operating efficiency with regards to salaries, repairs and maintenance, and capital expenditures through the sharing of resources.
Attractive to Residents: Units have in-suite laundry, balconies, high-end finishes, and the building offers condo-style amenities which is attractive to residents and commands higher rents.
Strong Market Fundamentals: Based on CMHC’s Rental Market Report, Guelph has strong rental market fundamentals with a 2.1% vacancy rate and a 6.1% increase in median rent.
LOCATION:
Ideally located in one of the most sought-after neighbourhoods in Guelph, walking distance to a shopping center with a Zehrs, Shoppers Drug Mart, LCBO, and many sit-down or quick service restaurants. It also offers easy access to Highway 401.
PROPERTY AND UNIT DETAILS:
URBN lofts is a modern rental residence with six storeys, 93 units and 124 outdoor parking spots.
Condo-style amenities include a fitness room, social room, lockers, bicycle storage, an outdoor BBQ area and a co-working space with internet.
Purchase Price
Address: 98 Farley Drive, Guelph, ON
Purchase Date: March 7, 2022
Year Built: 2021