Two subsidiaries of Toronto’s Baz Group of Companies have announced significant acquisitions: Marlin Spring has purchased a Toronto development site at 5280 Dundas St., W., and Spring Living has acquired seven retirement residences in Ottawa and Montreal.
5280 Dundas St., W. is located in the Toronto borough of Etobicoke, near Kipling Ave. The property is slated to become a transit-oriented, mixed-use high-rise residential development.
Marlin Spring intends to move ahead with a project which will add 400 new residences to the Toronto market.
“Marlin Spring Developments is proud to strengthen its presence in Etobicoke. This acquisition is specifically located in the Etobicoke centre, which is very well serviced by public transit and by a myriad of existing amenities and local retail that will continue to grow as the neighbourhood evolves,” Pedro Lopes, the CEO Marlin Spring Developments, said in the announcement Tuesday afternoon.
“This property is located just a few minutes’ drive from Joya, Curio and the Taylor, a few of Marlin Spring Developments’ projects in Etobicoke, all currently at various stages of development, sales and construction.”
Spring Living acquires 7 residences
Baz Group’s Spring Living Retirement Community will grow its portfolio by over 1,230 suites with the acquisition of the retirement residence portfolio in Montreal and Ottawa.
Spring Living was created in 2021 when it took over eight former Revera retirement residences. Marlin Spring had previously acquired two other residences, giving it 10 properties in Ontario at that time. The firm had grown that to 15 assets prior to this acquisition.
Along with the additional residences, it has acquired assets and retained employees from Horizon Retirement Management Inc., to facilitate Spring Living in providing management services to the retirement residences in Quebec.
“We are pleased to provide 21 retirement communities in urban markets to further serve the Canadian senior population,” Lois Cormack, CEO, Spring Living Retirement Communities, said. “With this acquisition, we are delighted to welcome over 500 team members who will continue in their current roles, positively impacting the lives of over 1,000 residents, families and communities served.
“We are delighted that we can operate the acquired Quebec residences under the Horizon brand, a well-known and experienced senior living management company.”
No financial details were provided for either of the acquisitions.
“We are very excited to have grown our portfolio with these significant acquisitions,” Benjamin Bakst, CEO of Baz Group, said in the announcement. “Current economic conditions have created challenges in the North American real estate market. However, these same conditions present unique opportunities for strategic growth and investment. Our recent acquisitions and partnerships reflect our commitment to adapting and thriving amidst these challenges.”
About the Baz Group
The Baz Group of Companies is one of Canada’s largest privately-owned real estate firms with a portfolio of over 20,000 units in various stages of development, construction, repositioning and completion.
Its portfolio represents more than 16 million square feet of gross floor area across Canada and the United States with a completion value of over $10 billion. Through its operating companies supported by a team of over 1,000 professionals, Baz Group has investments spanning the development, multifamily apartments and retirement community sectors in seven North American markets.
