Posted December 16, 2022 | by Equiton
BURLINGTON, ON, Dec. 16, 2022 – The Equiton Residential Income Fund Trust (The Apartment Fund) is pleased to announce the acquisition of a multi-family residential property in Toronto, Ontario. The purchase price for the property was $50 million.
The building, which will be known as Ravine Park Apartments, has seven storeys, 169 units, and 183 combined indoor and outdoor parking spots. It's conveniently located near public transportation, directly across from the upcoming Eglinton LRT Ionview Station, and walking distance to the Kennedy subway and GO stations, as well as a variety of amenities.
This is the seventh acquisition by the Apartment Fund this year, following closely on the purchase of Park Square Apartments earlier this month. In 2022, the Fund added over 755 portfolio units, expanded beyond Ontario into Alberta, and acquired a development project.
Equiton’s Apartment Fund now comprises 32 properties across 17 communities in two provinces, with a total of 2,548 residential units. The Fund specializes in acquiring multi-residential properties in Canada and increasing their value through active management, targeting an annual net return of 8-12%. Investors benefit from monthly distributions from rental income and capital appreciation from property value increases.
“We are truly excited to be expanding our presence in Toronto with the purchase of this building which brings us to $272 million in acquisitions for the Apartment Fund this year. It’s been an outstanding year for the Fund, and we’d like to thank our investors and partners for their continued support”, commented Jason Roque, Equiton Founder and Chief Executive Officer.
Equiton Living will manage the property and rental inquiries can be made at www.equitonliving.com.
Proudly Canadian owned and operated, Equiton is a leading private equity firm that delivers notable returns for investors. We believe in making private real estate investing accessible to all Canadians and provide easy access to all types of investment grade real estate through our proven, high-performing investment solutions. We offer true diversification, full transparency, and all the benefits of real estate investing without the difficulties of financing, tenant management, building maintenance or project management.
For more information, visit www.equiton.com.
VP, Marketing & Communications