The CAPREIT acquisition of a residential townhome property in Markham, Ontario, for $16.4 million helps solidify it as one of Canada’s largest residential landlords.
The property contains 71 two-, three- and four-bedroom units located in Markham’s upscale and affluent Bayview Avenue and John Street neighbourhood. Surrounded by multi-million dollar homes, the new CAPREIT property is situated in a park-like setting close to public transit, retail amenities and major highways, as well as the popular Centrepoint Mall and York University.
Built in 1976, the townhome units include hardwood flooring, finished basements, in-suite washers and dryers and new windows. An outdoor in-ground pool is among the property’s many amenities. All units are sub-metered for hydro with residents paying their own hydro costs.
“We are pleased to be strengthening our GTA portfolio with this high quality townhome property. There is high demand for multi bedroom rental accommodation in the area, and we are confident this high quality townhome community situated in this popular, upscale neighbourhood will generate strong, stable and growing returns in the years ahead,” commented Thomas Schwartz, CAPREIT President and CEO.
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 47,559 residential units, comprising 41,260 residential suites and 30 manufactured home communities comprising 6,299 land lease sites located in and near major urban centres across Canada.