Brampton apartment block sold for $185,500,000
Published March 29, 2023 at 9:07 am
A trio of investment companies could be adding to Brampton’s rental stock with the purchase of an apartment block on Queen St. for $185.5 million.
InterRent Real Estate Investment Trust says it has partnered with Crestpoint Real Estate Investments Limited and Vestcor Inc. to purchase two apartment buildings and the surrounding property at 2 and 4 Hanover Rd. in Brampton.
The pair of buildings are concrete highrise towers at 18 and 22 storeys each with a combined 605 units, but the 10-acre property has room for some 350,000 square feet of additional density – something InterRent says is needed in the city and across the region.
“Beyond the existing high-rises, the acquisition also offers immediate opportunity to deliver additional and much-needed rental supply to the GTA,” InterRent said in a release.
A previous development application filed in 2021 for the site includes two new towers standing 28 and 12 storeys tall with 395 additional apartments.
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Located just off the Queen Street corridor near Bramalea City Centre, the current towers on the property were constructed around 1984 and have “larger-than-average designs averaging over 900 square feet,” with two-thirds of the suites being two-bedroom units, according to InterRent.
The building has a central-air cooling system and amenities including an outdoor pool, barbecue area, playground, gym, car wash, and multi-purpose rooms.
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