One of Toronto’s most recognizable downtown apartment complexes changed hands for the second time since it was built in 1988.

Maple Leaf Quay, a three-building, mixed-use apartment complex located at the base of the CN Tower, closed on March 28, for a total of $150.5 million ($282,000 per unit) after adjusting for capital expenditures.

This sale price represents a value increase of 328 per cent from when the vendor originally acquired the property in 1996.

The purchaser, a Canadian investor, acquired the building with a yield of 4.5 per cent.

CBRE Ltd. acted on behalf of the vendor for this transaction.

This sale helped make the first quarter of 2013 one of the strongest in Greater Toronto Area (GTA) history.

This “new and notable transaction” was provided by Richard Vilner, research manager at RealNet Canada Inc., a leading Canadian real estate information services company that powers the decisions of firms involved in approximately 75 per cent of the market activity. He can be reached at [email protected].