High demand for University-based condo

Wednesday, November 19, 2014

The North tower of a two-building luxury condominium development in Kingston, O.N. has sold out in less than a month. The University Suites Condominiums, located at Princess St. and University Ave. near Queen’s University, are attracting both homeowners and investors.

Designed by award-winning Teeple Architects, the project features 195 turn-key and rent ready suites.

“The $188,900 starting price made it easy to own for less and rent for more, and a realization of continuing positive cash-flow makes this a safe and secure income-driven investment,” says Hunter Milborne, CEO of Milborne Real Estate, the brokerage responsible for the development’s sales. “Investors have been very impressed with the 3-year turn-key lease back option available to generate income; while end users are equally impressed with the well-designed amenities, including a two level atrium fitness area and a roof top BBQ lounge overlooking Kingston.”

The development will be constructed by Brookfield Multiplex and managed by Kingston-based Varsity Properties. Due to the incredible demand witnessed with the launch of the North Tower, the release of the South Tower will be delayed until December of this year.

“There is a serious demand for quality housing in this market and we see that demand growing every year,” says A.J. Keilty, President and CEO of Varsity Properties.

Leave a Reply

Your email address will not be published. Required fields are marked *