P3 Enters Ontario With 132-Unit Aurora Rental Project
Private Pension Partners is making its first move into Ontario with the acquisition of a 1.89-acre Aurora development site where it plans a 132-unit purpose-built rental project.
P3 acquired the property at 50 Industrial Parkway N., also identified in municipal records as the 180-182 Centre Cres. development site, in a deal that closed Sept. 17. The site sits 270 metres from Aurora GO Station.
The Winnipeg-based investment manager is partnering with Oakville-based Black Dog Development on a seven-storey, 96K-SF rental building. Black Dog says the project will include a mix of market and affordable units and use a precast concrete structure.
The land already carries approvals for considerably more density. Aurora approved zoning in 2024 allowing a seven-storey, 193-unit apartment building totalling 190K SF, giving the partners flexibility as they finalize the new design.
P3 said it expects the project to use CMHC-insured financing and benefit from Aurora’s 20-year interest-free development charge deferral program.
The investment structure also comes with an unusually defined exit. P3 intends to develop and stabilize the property over four years, then target a sale to Apartment Plus REIT, its private multifamily vehicle.
P3 manages more than $800M in real estate assets across its existing Manitoba and Alberta markets.
Join Us | Connect Alternative Real Estate Investments comes to Vancouver on Oct. 15, bringing together investors, owners, developers and lenders to examine where alternative real estate is working, how deals are getting financed and what comes next for B.C. CRE. The program covers seniors housing, student housing, self-storage and other specialized assets, along with the policy, capital and development issues shaping the market. Register here.
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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