Equiton Acquires Brampton Apartment Building for $63M | RENX

78 Braemar Drive in Brampton, Ont. (Courtesy of Equiton)

The Equiton Residential Income Fund Trust (The Apartment Fund) has acquired a multi-residential property – known as Braemar Place – in Brampton, Ont., for $63.25 million.

The 15-story building at 78 Braemar Dr. across from downtown Bramalea contains 153 units and has 198 indoor and outdoor parking spaces combined. Facilities include storage lockers, bicycle storage, a playground and an outdoor swimming pool.

Equiton is a private equity investor founded in 2015. It is based in Burlington, Ontario.

“We are really excited to expand our presence in the GTA with this acquisition. With its large suites, sought-after amenities, and convenient location near public transit, shopping, and restaurants, this property will appeal to a diverse tenant base,” Jason Roquefounder and CEO of Equiton, said in a statement.

“Additionally, the significant capital investments made recently to upgrade the building and renovate the suites make this a solid addition to our apartment fund, which will benefit our investors.”

According to the statement, the additional units “will further improve operational efficiency and management synergies.”

The apartment fund

The Apartment Fund now includes 29 properties in 15 communities across Southern Ontario, including several in the Greater Toronto Area, with a total number of units of 2,117.

Some recent acquisitions for Equiton include the purchase in March of two apartment properties in the Guelph and Kitchener areas of southwestern Ontario for $77.6 million, representing nearly $454,000 per unit.

In Guelph, URBN lofts at 98 Farley Dr. include six stories, 93 units and 124 exterior parking spaces. It was completed in April 2021.

Meanwhile, Joseph’s Place is located at 208 Woolwich St. S. in the community of Breslau, just outside of Kitchener. It is made up of 78 “generously sized” units spread over four floors and includes 114 parking spaces. The building was completed in November 2020.

In January, Equiton purchased a 75% stake in a three-tower, multi-phase development in Ottawa’s waterfront district for $30 million. Main and Main mixed-use developers will be Equiton’s Residential Income Fund partner in this project.

The towers will be 22 to 32 stories high and will include a podium. It will include over 790,000 square feet of residential space, housing approximately 1,000 “premium residential rental units” along with amenities. The two-story wukk podium comprises over 32,000 square feet of retail space.

The project is valued at nearly $495 million when completed.

At the end of 2021, Equiton’s Residential Income Fund had $527 million in assets under management, up 86% year-over-year from $284 million.

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