InterRent REIT announced it has closed on the purchase of a 605-suite apartment community at 2 and 4 Hanover Road in Brampton, Ontario. The acquisition is a joint-venture with Crestpoint Real Estate Investments and Vestcor Inc., and was purchased for $185.5 million.
InterRent‘s initial equity interest in the joint-venture is 10 per cent. The REIT retains optionality to increase its ownership to one third within the first two years after closing. InterRent will also act as property manager on behalf of the joint-venture.
The community is comprised of two concrete high-rise towers at 18 and 22 storeys, with 281 and 324 suites respectively. Constructed circa 1984, the building is fully air conditioned through a central cooling system and offers spacious suites and a range of amenities, including an outdoor pool, barbeque area, playground, gym, car wash, and multi-purpose rooms.
“We are extremely excited to expand our footprint within the GTA,” said InterRent President & CEO Brad Cutsey. “Not only are we looking forward to offering our unique resident experience and to help contribute to the Brampton community, but this acquisition also puts us in a great position to contribute to potential new supply in a constrained market.”
The community is located on approximately 10-acres of land, with zoning approvals in place for over 350,000 square feet of additional density. 2 and 4 Hanover Road is considered to be “well located” by the purchasers, as it is just off Queen Street and adjacent to Bramalea City Centre.
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