In June, Westwood Abbey Apartments sold for $82.35 million. This was the largest multi-residential property investment in dollar volume during the second quarter for the Greater Toronto Area (GTA).
This transaction was consistent with the second quarter average capitalization rate for the GTA, which averaged 5.53 per cent for all apartment investments greater than $1 million.
- Address: 7170, 7230, 7280 Darcel Ave., Mississauga, Ont.
- Date of sale: June 28, 2013
- Sale price: $82.35 million
- Capitalization rate: 5.5 per cent
- Total number of units: 601
- Price per unit: $137,022
- Vendors: Gonte Construction Ltd. and 4395191 Canada Inc.
- Purchaser: Q Residential
- Brokers: TD Securities Realty Group (D. Bloomstone, J. Ziegel and M. Gillin)
Westwood Abbey Apartments was the lone multi-residential investment transaction over $1 million in Mississauga between April 1 and June 30.
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].
