BST Buys 122-Unit Toronto Rental Building As Platform Grows To 609 Units
BST Canada has added a lakefront-adjacent Toronto apartment building to a multifamily buying program that has quickly grown to more than 600 units.
The company said Thursday it acquired the 122-unit building at 30 Springhurst Ave. in South Parkdale, steps from Lake Ontario and Exhibition Place. BST did not disclose the purchase price.
The 12-storey building came to market through Colliers in May with a $37.25-million asking price. Built in 1965 on a 0.98-acre site, it was marketed as 99% occupied, with 22 bachelor, 77 one-bedroom and 23 two-bedroom apartments.
Colliers pitched the property as a value-add opportunity, pointing to below-market rents, suite turnover, an active above-guideline increase application and opportunities to generate additional revenue from parking, lockers, laundry and underused interior space. Its marketing materials estimated potential rent growth at about 34.5%.
The purchase follows BST’s $143.8-million acquisition of three Toronto apartment towers containing 487 units in July, bringing the four-building portfolio to 609 units. Connect previously reported that the earlier portfolio included 775 Steeles Ave. W., 8 Godstone Rd. and 640 Lauder Ave.
Those investments are part of BST’s partnership with Phoenix Financial and Menora Mivtachim, formed to acquire and improve Canadian multifamily properties. The institutional partners committed about $160 million to the strategy.
“Toronto continues to be an important market for BST Canada,” president Alaa Tannous said, adding the company expects to make further multifamily acquisitions this year.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout