Yorkville Sees High-End Rental Apartment Deal
Monday Apr 13th, 2015
YORKVILLE SEES HIGH-END RENTAL APARTMENT DEAL
The Ever Growing Price Gap
Hollyburn Properties Limited has further expanded into Ontario with the acquisition of a high-end rental apartment building in Toronto's Yorkville neighbourhood. The $42.5-million deal garners a 10-storey, 125-unit residential building on Avenue Road and two smaller lots on nearby Hazelton Avenue, a popular shopping a residential street at the heart of the district.
"The potential is very high," observes Mike Capone, Hollyburn's Ontario general manager. "This is one of the only large rental buildings within Yorkville. 103 Avenue Road presents an excellent opportunity to increase value and enhance this building to one of the most prestigious addresses in Toronto."
Hollyburn Properties currently owns 74 buildings, encompassing 5,000 units, in Vancouver, Calgary, Toronto and Ottawa. Since 2010, the company has added 22 properties, valued at more than $350 million, to its portfolio.