Toronto rental company adds eight buildings to Victoria portfolio
Toronto-based CAPREIT today announced the purchase of eight low-rise apartment properties in or near Victoria, British Columbia. The acquisition adds 307 suites to their inventory of local rental units.
The buildings purchased are:
- Niagara Court Apartments – 535 Niagara Street
- Kamel Point Village Apartments – 70-76 Dallas Road
- Sansar Apartments – 1140 Hillside Avenue
- Gorge Towers – 200 Gorge Road W
- Sentinel Apartments – 625 Constance Avenue
- Mayfair Manor – 827 Selkirk Avenue
- Fair Oaks Apartments – 3501 Savannah Avenue
- Queens Avenue Apartments – 1110 Queens Avenue
The Tara Place Apartments at 1039 View Street, one of two Victoria residential complexes already owned by CAPREIT. Photo by Robert Randall © VibrantVictoria.ca.
“We are extremely pleased to be enhancing the geographic diversification of our portfolio and increasing our presence in the high growth British Columbia market,” commented Thomas Schwartz, President and Chief Executive Officer. “These are quality properties with significant upside potential. By applying our proven property management and value-enhancing strategies, we are confident the buildings will make a solid and growing contribution to our results in the years ahead.”
The portfolio of older buildings was bought from another Ontario-based rental firm, TransGlobe for approximately $46 million, excluding closing and transaction costs. The purchase works out to an average cost of around $150,000 per unit.
A CAPREIT spokesperson said renters should expect no drastic changes in the day-to-day management of the properties but was hopeful that improvements to the buildings would be made over time.
CAPREIT already owns and operates Tara Place, an 11-storey concrete midrise tower in Downtown’s Harris Green neighbourhood and the Prince Charles, Redwood Park and Charles Dickens buildings at 215-221 Gorge Road East.
Graham House apartments at 1100 Queens Avenue, one of eight newly-purchased apartments owned by CAPREIT. Photo by Robert Randall © VibrantVictoria.ca.
CARPEIT also said today that they have sold several apartment buildings in Ontario and Quebec, totalling 908 suites, for $30 million.
Rental accommodations are discussed on a dedicated thread here on VibrantVictoria’s forum.
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Responses to this Headline or Article
The five most recent replies to VibrantVictoria.ca's discussion forum's Rental housing & related issues discussion thread, the most relevant thread to the above headline or article:
Sparky
Jan 20, 2012 at 4:52 pmHere is something for the apartment hunter. The map shows various apartments for rent with information from Craigslist and Kijiji. Change the price range on the right or the parameters in the pull down boxes and the map changes.
It's not entirely accurate with respect to floor level, but it could help with your search.
This link is for Victoria, but the host site has links to most major Canadian markets.
G-Man
Jan 30, 2012 at 2:15 pmJust noting that the wraps are off on the south side of Tara Place and it certainly looks a lot better than it did!
Nparker
Jan 30, 2012 at 2:39 pmQuote: Just noting that the wraps are off on the south side of Tara Place and it certainly looks a lot better than it did!
Still too
Holden West
Jan 30, 2012 at 6:24 pmQuote: Just noting that the wraps are off on the south side of Tara Place and it certainly looks a lot better than it did!
Like the Executive House Hotel, this is another vintage high-rise that has been rescued and given a new lease on life. I'm impressed with the overall look, especially considering how fugly it was before. It's incredibly important to preserve as much inexpensive non-subsidized rentals as possible in the core. Hats of to new owners CAPREIT for investing in it. They just finished exterior work on Queen's Manor which had looked like it turning into a flophouse.
EDIT: Sorry, it's Graham House, not Queen's Manor.
Which reminds me: there should be a Victoria Apartment Rule of Thumb. The more royalty in the name (Queen, Royal, Princess) the
Dylan Leblanc
Jan 30, 2012 at 9:00 pmfunny thing about the Royal Armada on Cook St. is there is another apartment building of nearly identical design on the corner of Vancouver and Richardson St.
