In October, a total of $111 million was invested in multi-residential properties throughout the Greater Toronto Area. The average capitalization rate in the GTA during this period was 5.56 per cent, while the average price per unit decreased from $175,000 in September to $164,000 in October.
This notable transaction was purchased by a private Canadian investor for a total consideration of $9.1 million. The apartment contains 71 building units, representing a price per unit of $128,169.
- Address: 3085 Queen Frederica Dr., Mississauga, Ont.
- Date of sale: Oct. 31, 2013
- Sale price: $9.1 million
- Capitalization rate: 4.8 per cent
- Total number of units: 71
- Price per unit: $128,169
- Brokerage: Stonebank Apartment Experts
Up to mid-November, the 2013 year-to-date total dollar volume investment has reached $1.5 billion, 90 per cent of 2012’s yearly total ($1.6 billion) which was a record high for the GTA. Over the last ten years, the average price per unit has increased by 64 per cent.
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].
