The Equiton Residential Income Fund announced it has completed the purchase of two apartment buildings in the Beasley neighbourhood of East Hamilton, Ontario. Located at 125 Wellington Street North and 50 Cathcart Street, the connected buildings contain a total of 360 bachelor, one, two, and three-bedroom suites, and occupy nearly an entire city block.
Wellington Place is conveniently located only minutes from downtown Hamilton, and a short commute to McMaster University. Nearby are several public parks, public transit, GO Transit, Hamilton General Hospital, and St. Joseph’s Healthcare.
This acquisition is one of Equiton’s largest to date, increasing its suite count by 35 per cent and bringing the total portfolio to just under 1,400 units. The company says it anticipates a “highly active” year of acquisitions.
“This represents Equiton’s entry into the Hamilton market and it offers a size and scope, which will provide operational efficiencies, allow us to build our management infrastructure in the area, and unlock the potential for future acquisitions,” said Jason Roque, Equiton Capital’s Founder and Chief Executive Officer. “Equiton will undertake value-add capital investments and improvements which will raise the profile of the buildings and contribute to the ongoing revival of the area as a whole.”
As one of Ontario’s fastest growing economies, Hamilton is home to world-class post-secondary institutions and a research hospital backed by the largest hospital-based workforce in the province. In addition to strong manufacturing and tech sectors, the city also boasts the busiest port in the Canadian Great Lakes as well as an international airport.
Founded in 2015, Equiton is a private equity firm that specializes in providing private market real estate investments to Canadians. The company purchases and manages residential and commercial income properties with a focus private REITs, commercial and residential developments and financing.