The Equiton Residential Income Fund Trust has acquired four eight-storey mid-rise apartment buildings in Welland, Ont., marking the private equity firm’s first multi-family properties in the Niagara Region.
Equiton bought 200-230 Denistoun Ave., adding 388 units to the fund’s portfolio. Located on the waterfront of the Welland Canal, offerings range from one- to three-bedroom units with rents starting at $1,700 to $2,050.
The 388 units make up over half of Welland’s newer rental suites, a release states. Equiton, which is based in Burlington, just west of Toronto, will manage approximately 14 per cent of the local market’s primary rental stock with the acquisition.
“This premier location along the Welland waterfront offers residents the best of both worlds: relaxing greenspaces at home and easy access to the economic hubs of Hamilton, St. Catharines, and the U.S. border,” Jason Roque, Equiton’s CEO and founder, said in the release. “We’re thrilled to provide value to our residents and meet the growing demand for quality housing in the region.
Financial details of the acquisition were not released.
The Equiton fund now has 38 properties with 3,117 units in Ontario and Alberta.
Equiton’s ownership of 200-230 Denistoun Ave.
Amenities and features at 200-230 Denistoun Ave. include nature trails and a short drive from downtown Welland, shopping centres, a hospital and post-secondary institutions Brock University and Niagara College.
200 and 230 Denistoun Ave. offer a range of one- and two-bedroom apatments:
- 200 Denistoun Ave. has one-bedroom units of 600 to 700 square feet starting at $1,700 per month, and 1,000-square-foot, two-bedroom units starting at $2,050 per month.
- 230 Denistoun Ave. offers one-bedroom units in a variety of sizes including approximately 600, 700, 800 and 900 square feet with monthly rents starting from $1,700 to $1,800. The two-bedroom units are 850, 950 and 1,000 square feet, starting at $2,050 per month.
Units at 210 and 220 Denistoun Ave. have a range of one- to three-bedroom units.
- 210 Denistoun Ave. has one-bedroom units of 600, 700 and 800 square feet (rents were not disclosed). The rents of 1,000-square-foot two-bedroom units start at $2,050. The three-bedroom units are 1,250 square feet.
- At 220 Denistoun Ave., one-bedroom units are made up of 600, 700, 800 and 900 square foot models, with monthly rent for the 600-square-foot units starting at $1,750. The two-bedroom units are 850 or 1,000 square feet; while the three-bedroom units are 1,250 square feet.
Many residents of 200-230 Denistoun Ave. are long-time tenants, Equiton says, and the company’s priority will be enhancing the community.
“We’re serious about our role as custodians of Canada’s rental housing stock. It is very important to us that any upgrades we make over the years will benefit our residents and investors alike,” Paul Holowaty, Equiton’s vice-president of operations, income-producing properties, said in the release.
He anticipates the improvements will encompass “modernizing common areas and installing systems to reduce energy consumption and help residents save money.”
Equiton’s expansion in Ontario
Equiton now has a portfolio covering most of the Greater Golden Horseshoe, it says, covering the Greater Toronto Area, Hamilton, Guelph, Kitchener-Waterloo and Brantford.
Part of the attraction of the Niagara Region has een ongoing economic and population growth, Equiton states in the release.
In March, Equiton crossed $1 billion in assets under management. Roque told RENX the company expects to continue that grow through additional acquisitions, value-add and development.
In May, Equiton acquired 1099 Broadview Ave. in Toronto to develop it into Ten99, a 12-storey, 355-unit midrise.