Q Management LP announced it has acquired Rossland Park Residential Community in Oshawa, Ontario, from H. Kassinger Construction Limited for $220 million. The 911-suite property includes three high-rise buildings, two-low rise buildings and four townhouse complexes.
“This acquisition aligns with our strategy of assembling multifamily residential properties in large, growing Ontario urban centres,” said Dan Argiros, President and CEO of Q Management LP. “Oshawa has strong demand for residential rental homes. Combined with the five properties we already manage in Oshawa we now have approximately 1,400 units in the Oshawa market.”
The acquisition is the second for Q Residential Property Income Fund V (QRPIF V). QRPIF V is the fifth fund in the multifamily sector launched by Q Management LP. The Fund is open to Canadian and international investors.
“Rossland Park Residential Community is well operated, highly sought-after by tenants and is in a region where we have tremendous confidence,” said Argiros. “It is a great addition to our existing portfolio in Oshawa as we will be able to deliver valuable management efficiencies.”
All tolled, Q Management LP now owns and manages almost 11,000 suites located in cities across Ontario including the Greater Toronto Area, Oshawa, Ottawa, London, Hamilton and St. Catharines.
Photo: 555 Mayfair, courtesy of Q Management LP.