CAPREIT has acquired a unique mid-tier portfolio of multi-residential buildings totalling 396 suites as well as one commercial unit located on the shores of Lake Ontario in the west end of Toronto.

The purchase price of approximately $56.2 million will be satisfied by a new $26.2 million six-year mortgage. The balance will be funded from CAPREIT’s acquisition and operating credit facility.

Situated at the foot of Royal York Road, the portfolio provides convenient and easy access to downtown Toronto via Lake Shore Boulevard, the Gardiner Expressway and the TTC. The property offers waterfront views and is close to shopping, schools and the city’s new Waterfront Trail parks and beaches.

The portfolio presents an opportunity to increase rents over time once the buildings are repositioned and upgraded. Situated on 8.6 acres of land, current zoning allows for an additional 82,000 square feet of residential density on the site.