High Art Pays $22.3M For 43 Unsold Condos At Toronto’s Line 5
A provincially backed investment fund has made its first move into Toronto’s battered condo market, paying $22.3M for 43 unsold units and shifting them into long-term rentals.
High Art Capital acquired the condos at Line 5, the 1,005-unit, two-tower development at 117-127 Broadway Ave. near Yonge and Eglinton, The Globe and Mail reported, citing CoStar’s review of land-transfer records.
The purchase works out to about $518K per unit. That is well below current advertised pricing at the development, where available one-bedroom units have recently been marketed from about $760K and two-bedroom units from more than $1.1M. The exact unit mix in High Art’s portfolio was not disclosed.
Line 5 was developed by Reserve Properties and Westdale Properties and launched before the pandemic, when investor demand for new Toronto condos was drastically different.
Rather than reselling the units individually, High Art intends to operate them as rentals. The firm’s broader strategy is to acquire blocks of completed, unsold GTA condos and turn them into rental portfolios, with Del Condominium Rentals and Menkes Condominium Rentals supporting leasing and tenant management.
The Line 5 purchase is the first acquisition for High Art’s $1.3B housing initiative, backed by up to $300M from Ontario’s Building Ontario Fund. It plans to acquire about 2,200 condos, including 550 affordable rental units.
The deal lands as developers continue to grapple with weak sales. Just 215 new GTA condos sold in August, 78% below the 10-year average, according to Altus Group data released by BILD.
Other News
NYC Launches Public Review of Plan for 4,000 Apartments on City-Owned Site
The Mamdani administration has launched public review of the redevelopment of 100 Gold St. in Lower Manhattan, a major step toward transforming a city-owned site into approximately 4,000 new homes, including around 1,000 permanently affordable, rent-stabilized homes. The updated plan adds roughly 300 additional homes to previous estimates. Following a competitive request for proposals process,...
Learn more
Walker Webcast: Amherst’s Sean Dobson on Housing: Rates, SFR and the “Cleavers”
Amherst CEO Sean Dobson said there are plenty of reasons for caution in today’s housing market. The good news: He isn’t seeing a repeat of the Great Financial Crisis (GFC). Dobson spoke with Walker & Dunlop Chairman and CEO Willy Walker on Sept. 17 during the 2026 Zelman Housing Summit in Boston. The conversation was...
Learn more
Chartwell Closes $135.5M Brampton Buy As $89.3M Waterloo Divestiture Trades
Two Chartwell Retirement Residences deals have come into sharper focus, identifying a major Brampton acquisition and putting a final price on its required Waterloo divestiture. Chartwell paid $135.5 million for Greenway Retirement Community at 100 Ken Whillans Dr. in Brampton, according to new Altus Group transaction data. The sale works out to about $560K per...
Learn more
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout