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.

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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