The second fastest growing city in Canada, Brampton, Ontario, is currently experiencing a surge in economic growth and is attracting largescale investment opportunities. With an average annual growth rate of 4.2 per cent, the population of Brampton is expected to increase from its current 614,000 to 1 million people by 2041. Large enterprises, such as Coca-Cola and Rogers Communications, contribute to Brampton’s appeal as an employment hub.
In a recent press release, Colliers Multifamily Advisory Group announced that it has brokered the sale of a seven-storey brick apartment building, located at 49 McMurchy Avenue North near Brampton’s main intersection, for a record-low cap rate.
Situated on 1.5 acres of land, the property is comprised of 79 suites, including bachelor, one-bedroom, and two-bedroom layouts. The well-equipped and maintained building offers surface parking, on-site laundry facility and on-site storage.
Built in the 1960s, common areas and several units of the property have been refurbished. Monthly rent increases due to renovation turnover, combined with its close proximity to Brampton’s downtown core, make this property a prime investment.
Starlight, Toronto-based real estate investment and asset management company, has acquired the multi-residential building. “Starlight was one of the many groups who toured the property and ultimately ended up winning the bid,” said Robert Meynell of Colliers Multifamily Advisory Group. “They were able to see that even though the property was not achieving market rents, it is situated in a great location and potential rental income could be increased significantly.”
With newly landscaped public green spaces and appealing employment opportunities, Brampton is attracting more residents and visitors than ever. The predicated spike in growth rate could create additional opportunities for redevelopment in the area, as well.