The Huron Heights Apartments in Newmarket have changed hands between investment companies for $33 million.
Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) announced in September it was divesting itself of the property to Lankin Investments. The 110-unit residential property is located across from Huron Heights Secondary School at 75-77 Huron Heights Dr.
CAPREIT has disposed of three other properties across its national portfolio, which the company said would be used to help pay down its “revolving credit facility.” Part of the Newmarket sale will also be used to repay the $22.8 million mortgage on the property.
“We’re proud of the steady progress being made on our strategy, with consistent and disciplined execution on our stated objectives,” CAPREIT president and CEO Mark Kenney said in a news release. "We’re determined to continue delivering on the goals we’ve prescribed for CAPREIT, and we’re looking forward to seeing the quality of our portfolio perpetually improve along the way.”
The comples was built in 1977 and features multiple buildings of three storeys each. Monthly rent ranges from about $2,295 to $2,515 per unit, according to an apartments.com listing.
CAPREIT, a provider of rental housing that oversees more than 64,000 suites, called the apartments an “off-strategy” property.
Lankin Investments, a real estate asset management firm based in Vaughan, confirmed it purchased the property, closing the deal in early October.
“This is a testament to the continuous growth and success of our latest fund, further strengthening our portfolio and delivering exceptional value for our investors,” the investment company said in a LinkedIn post. “With a focus on acquiring stabilized, cash-flowing, high-quality assets, the Lankin Apartment REIT is proving to be a fantastic opportunity for those looking to invest in Canadian multi-family real estate.”
