Kingston-based Homestead Land Holdings has acquired The Diplomats, a two-tower apartment complex in Burlington, Ontario, from GWL Realty Advisors as part of its strategy to reinvest capital into new developments. The waterfront property spans 5.67 acres along Lake Ontario and features 203 rental units across two 10-storey buildings at 5166 and 5170 Lakeshore Road.

The 55-year-old buildings offers spacious layouts, with an average unit size of 1,056 square feet, At the time of sale, 97 per cent of the units were occupied. The site includes 294 parking stalls and offers infill zoning potential for additional residential development.

Homestead manages a portfolio of more than 26,000 units in Kingston, Toronto, Ottawa, London, Hamilton, Guelph, Kitchener, Sarnia, Oakville, Mississauga, Etobicoke, Brantford, Burlington, St. Catharines, Cambridge, Thornhill, and Calgary

The sale follows GWLRA’s recent dispositions in Edmonton, including Panorama Court, Signature Place, and Concord Tower.