20 Tuxedo Court, Scarborough
SOLD $75,200,000 / $176,525 per suite / 4.25% Cap Rate
These are two high rise apartment buildings with some detached commercial buildings on a huge site. Located near Progress and the 401 this property had very low rents, large units and high utility costs as well as surplus development land. The property was sold a local private owner and was purchased by a private group as well. This was an off-market deal.
390 Woodsworth Drive, North York
SOLD $47,500,000 / $593,750 per suite / 3.35% Cap Rate
This property comprised of 80 large rental townhouses in a garden style setting at Leslie and the 401. The investment was built by the existing owners in the late 1960’s and had low rents. Situated on almost 5 acre of land this site has future development potential. The purchaser was PlazaCorp who is a builder and will hold this as an investment for now. This was an off-market deal.
10 Garfella Drive, Etobicoke
SOLD $25,000,000 / $150,155 per suite / 3.50% Cap Rate
128 co-ownership rental apartments in a complex of around 135 units. North Etobicoke in a C+ location. The building was in fair condition and the rents were a bit below market. The buyer, Starlight subsequently acquired the remaining single units and then sold the entire building to another investor for over $32MM. This was an off-market deal.
18 Anglesey Boulevard, Etobicoke
SOLD $6,300,000 / $252,000 per suite / 4.00% Cap Rate
This property is located in the Kingsway area which is considered an “A” rental location. The property had been in the family for many years and was being sold due to a family death. It was listed on MLS through another agent and CFR represented the buyer. Both Buyer and Seller were private investors. The 28 unit building had large suites and rents over 40% below market.
300 High Street, Oshawa
SOLD $6,000,000 / $240,000 per suite / 4.00% Cap Rate
This property is located in a good rental area in Oshawa and is a large site with additional density. It contains 25 apartment units in two buildings and was listed on MLS and CFR represented the Buyer who was a private investor. The Seller too was a private investor.
CFR also closed on other non-apartment deals such as: 1812 Eglinton Avenue East - $10,800,000 - investment and development land; 3008 Dufferin Street - $9,800,000 – investment and development land; Avenue Road and St. Clair - $47,000,000 – development land.