Equiton Announces Second Acquisition in a Month With Purchase of Kitchener Apartment Buildings
BURLINGTON, Ontario, April 27, 2021 (Newswire.com) - The Equiton Residential Income Fund is pleased to announce the acquisition of a multi-family residential property in Kitchener Ontario.
Located at 100, 120 & 170 Old Carriage Drive, the property consists of 218 units across three buildings and brings Equiton's total unit count to over 1,600.
This is the fund's second acquisition in less than a month, following closely on the recently announced expansion into Hamilton, with the purchase of two linked apartment buildings, totalling 360 units.
"Equiton has been actively buying income-producing properties throughout Ontario since our inception, with hundreds of millions of dollars worth of properties acquired to date and growing exponentially. This acquisition further demonstrates our access to investment opportunities and our commitment to growth. With these two latest acquisitions alone, we have increased our suite count by just over 55%," stated Jason Roque, Equiton's Founder and Chief Executive Officer.
"With the five-year anniversary of The Equiton Residential Income Fund approaching in May, and with positive returns every month since inception, we are really starting to see increasing capital inflows," Roque added. "As our fund grows, we will continue to make direct investments in multi-residential properties and build up their value by leveraging opportunities for improvement through active management."
At $63 million, this purchase is one of the fund's largest to date, bringing Assets Under Management to $389.1 million.
The property features spacious, renovated one-, two-, and two-bedroom-plus-den suites with beautifully landscaped grounds and is ideally located in Pioneer Park, near Conestoga College and close to a variety of shops, restaurants, parks and playgrounds. Highway 401 is only five minutes away along Homer Watson Boulevard, and public transit is just steps from the door.
Kitchener is one of three cities that make up the Regional Municipality of Waterloo. With world-class universities, a dynamic tech sector, farmers markets, celebrated restaurants and a strong real estate market, the region offers a great lifestyle for individuals and families. Home to an expanding Google headquarters as well as several other great tech companies and an abundance of startups, Kitchener's tech sector is booming. With the Grand River running through the city, Kitchener has some beautiful scenery and is surrounded by trails and parks for residents to enjoy.
Founded in 2015, Equiton is a private equity firm that specializes in providing private market real estate investments to Canadians. We purchase and manage residential and commercial income properties and invest in real estate development projects. With a single-minded focus on real estate investments such as private REITs, commercial and residential real estate properties, developments and financing, we've been able to build an enviable track record of exceptional results and exponential growth.
For more information, visit: www.equiton.com
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