The Russell Hill Road transaction is good evidence of the new norm for apartment transactions throughout Toronto – a sector trend that began to emerge in 2012, where investors, some foreign, drove Greater Toronto Area (GTA) multi-residential property values to record levels. This central location was the setting for 2013’s most notable apartment investment transaction to date.
- Address: 263 to 265 Russell Hill Rd., Toronto
- Date of sale: Jan. 29, 2013
- Sale price: $19.25 million (adjusted)
- Vendor: Minto Group
- Purchaser: Akelius Fastigheter AB
- Total number of units: 104
- Price per unit: $185,096
Akelius Fastigheter AB is one of Sweden’s largest private residential real estate firms now operating in the Canadian market under the name Akelius Canada Ltd.
The vendor, a well-known local firm, had acquired the properties separately in 1999 and 2006, for a total combined purchase price of $8.85 million or $85,000 per unit.
This “new and notable transaction” was provided by Richard Vilner, research manager at RealNet Canada Inc., a leading Canadian real estate information services company that powers the decisions of firms involved in approximately 75 per cent of the market activity. He can be reached at [email protected].
