Minto Sells Toronto Apartment Property for $90.75M
Minto Apartment REIT has agreed to sell its 150 Roehampton property in Toronto’s Midtown areaa for $90.75 million to an unidentified private real estate investor.
The sale price represents a premium to the REIT’s IFRS value for the asset, said Minto. Net proceeds of approximately $67 million, after mortgages and commissions, will be used to repay a portion of the REIT’s variable-rate revolving credit facility and for general trust purposes.
The property, built in 2007, comprises 148 newly renovated apartments and a full suite of amenities, and is located near the intersection of Yonge and Eglinton streets. The transaction is expected to close in the second quarter.
The REIT said the sale is expected to result in a non-cash special distribution. While the final amount is still being assessed, it is anticipated to be consistent with prior disclosure and not exceed $1 per trust unit, primarily in the form of a capital gain for Canadian income tax purposes.
Minto Apartment REIT is an open-ended REIT that owns and operates income-producing multi-residential properties across Canada, with a portfolio concentrated in major urban markets including Toronto, Montreal, Ottawa, Calgary and Vancouver.
Pictured: Minto Apartment REIT’s apartment property at 150 Roehampton Avenue in Toronto.
Photo: REW.ca
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
Learn more
Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
Learn more
Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout