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Property Purchase

Cedarwood Suites at 120 & 130 Raglan Ave.,
Ava Manor at 1862 Bathurst St.,
Almore Apartments at 4190 Bathurst St.

The Equiton Residential Income Fund Trust (The Apartment Fund) added four top-tier, stabilized rental buildings in Toronto to its growing portfolio. This includes Cedarwood Suites at 120 & 130 Raglan Ave., which comprises a well-maintained nine-storey building located in the sought-after Forest Hill neighbourhood. It is complemented by a 16-unit townhouse complex. Also in Forest Hill is Ava Manor, a seven-storey building located at 1862 Bathurst St. Occupying a prime position in North York, Almore Apartments at 4190 Bathurst St. was also purchased as part of this portfolio.

WHY WE CHOSE TO ADD THIS PROPERTY TO OUR PORTFOLIO: 

  • Attractive Rental Market: As Canada’s largest city and economic hub, Toronto boasts consistent population growth and robust rental demand with vacancy rates remaining below 2% for over a decade. In 2023, Toronto’s population surged by 3%, continuing to expand by another 4.1% year-over-year as of January 2024. This growth is primarily fueled by Canada’s ambitious immigration targets, with newcomers favouring major cities like Toronto upon their arrival. A significant portion of these newcomers opt to rent, further strengthening the city’s dynamic rental market.

  • Portfolio Expansion: Acquiring additional multi-residential properties in a thriving city like Toronto enables us to expand our portfolio and enhance our asset base. This strategic growth allows us to leverage management synergies and achieve economies of scale and optimizing expense management.

  • Location: 120 & 130 Raglan Ave., and 1862 Bathurst St. are located in Forest Hill, one of Toronto’s most prestigious and family-friendly neighbourhoods. The highly sought -after area is renowned for its easy access to transit, ample amenities, and numerous parks and trails. 4190 Bathurst St. is conveniently located in North York, close to a TTC bus stop and the Wilson station, and with ample shopping and amenities nearby.

  • Capital Expenditure Program: Each of the buildings boasts minimal deferred capital requirements and since 2011, the portfolio has benefitted from $14.5M in capital investments. Improvements include full renovation of lobby areas, new carpeting in hallways, stairwell enhancements and elevator modernizations.

LOCATION:

120 & 130 Raglan Ave. and 1862 Bathurst St. are located in Forest Hill, one of Toronto’s most prestigious and family-friendly neighbourhoods. A perfect harmony of tranquility and convenience, the area is renowned for its tree-lined streets, easy access to transit, and ample amenities. This highly walkable Midtown Toronto location is dotted with parks and green space, and steps away from St. Clair West, which offers shopping, restaurants, and cafes. Those looking to travel downtown or outside Toronto are able to do so with ease. The St. Clair West TTC station is only a 10-minute walk away while Allen Road and Highway 401 are a short distance to the north. The area is also home to excellent schools within a 2km radius, making it a perfect spot for families or singles alike.

4190 Bathurst St. is situated in North York’s Clanton Park neighbourhood, a convenient location home to multiple parks, trails and amenities including the North York Centre and the Yonge-Sheppard Centre. Transit options are plentiful with TTC bus access only steps away, and the Wilson station approximately 10 mins away by bus. The area is also home to many public and private schools, as well as York University.

braemar place equiton

PROPERTY AND UNIT DETAILS:

  • 120 Raglan Ave. is a nine-storey mid-rise with 175 units and 138 parking spaces (101 indoor, 37 outdoor). Located next door, 130 Raglan Ave. is a set of three-storey townhomes with a total of 16 units and 15 parking spaces (6 indoor, 9 outdoor). 1862 Bathurst St. is a seven-storey mid-rise with 75 units and 75 parking spaces (all indoor). 4190 Bathurst St. is a nine-storey mid-rise with 90 units and 92 parking spaces (79 indoor, 13 outdoor).

  • 120 & 130 Raglan suites range from approximately 398 sq. ft. to 1123 sq. ft. with large windows, hardwood flooring, granite countertops and stainless-steel appliances. Amenities in 120 Raglan include renovated common areas, on-site laundry facilities, and parcel lockers while 130 Raglan boasts in-suite laundry, FIBE-ready internet, and dishwashers.

  • 1862 Bathurst suites range from approximately 300 sq. ft. to 1710 sq. ft. with renovated bathrooms, hardwood floors, granite countertops, stainless-steel appliances in kitchens, and ample storage space. Amenities include parcel lockers and renovated common areas.

  • 4190 Bathurst suites range from approximately 537 sq. ft. to 1018 sq. ft. with stainless-steel appliances and upgraded balconies. Amenities include parcel lockers, renovated common areas, and an outdoor pool.