Earlier this month, on July 7th, Primecorp Commercial Realty Inc. was pleased to announce that its National Multi-Residential Investment Sales Group, led by founding partners Aik Aliferis and Sam Firestone, successfully completed the sale of a 6-property, 415 unit multi-residential portfolio in Southern Ontario for $32,100,000 CAD.
The portfolio was sold by InterRent Real Estate Investment Trust to Skyline Group of Companies, consisting of five properties totalling 346 suites in 10 buildings, strategically located within Sarnia and an additional property of 69 suites in Niagara Falls. These assets are well-managed apartment investments with long term growth potential, in a stable and strong market:
I believe the market will continue to be strong in the apartment sector for many years to come whether located in principal or tertiary markets. The stability of the Multi-res sector will provide the safe and consistent investment sought after by both domestic and international investors. This transaction is an excellent example of this type of strong opportunity. - Sam Firestone, Chief Operating Officer and Managing Partner, Primecorp
Here’s the breakdown on the individual properties in Sarnia and Niagara Falls that comprised this real estate investment portfolio:
125 College Avenue South, Sarnia, Ontario
Consisting of an 8-story building with 63 spacious, well-maintained suites (31 one-bedrooms and 32 two-bedrooms) the property at 125 College Avenue South is conveniently located close to several beaches along Lake Huron, the U.S. border, the Bluewater Bridge, the St. Clair River, the Sarnia Arena and Highway 402. Many capital improvements have been completed in recent years and the building has a high efficiency domestic hot water heater.
225 & 233 Capel Street, Sarnia, Ontario
The property at 225 and 223 Capel Street is nicely situated in a quiet residential community with easy access to public transit, shopping, restaurants, schools, Highway 402 and the U.S. border. These two 3-storey buildings have a combined total of 70 large and well-kept suites (42 one-bedroom and 28 two-bedroom units). The buildings have a gas fired hot water system with baseboards and several capital improvements have been completed in recent years.
811 & 817 Devine Street, Sarnia, Ontario
The property at 811 and 817 Devine Street consists of two 3-storey buildings totalling 60 spacious and well-maintained suites (24 one-bedrooms, 34 two-bedrooms and 2 three-bedrooms). These buildings are close to Prince of Whales Park and Highway 402, just five minutes from the U.S. border, scenic Bluewater Bridge and the St. Clair River. There are many amenities conveniently located nearby including: shopping, schools, public parks and Lambton College is only minutes away. The buildings have controlled electric baseboard heating with many recent capital improvements.
835 Devine Street, Sarnia, Ontario
835 Devine Street consists of two 3-storey buildings totalling 94 spacious and well-maintained apartments (1 bachelor, 38 one-bedrooms, 54 two-bedrooms and 1 three-bedroom). These buildings are conveniently located close to Highway 402 with ample shopping and restaurant options, and just a few minutes from the U.S. border, scenic Bluewater Bridge and the St. Clair River. Other nearby amenities include shopping, schools, public parks and Lambton College. The buildings have hydronic baseboard heating and many capital upgrades have been completed.
849 Devine Street, Sarnia, Ontario
The property at 849 Devine Street consists of three 3-storey buildings, totaling 59 large and well-maintained suites (21 one-bedrooms and 38 two-bedrooms). These buildings are nicely located close to Highway 402, and just five minutes from the U.S. border, Bluewater Bridge and the St. Clair River. Nearby amenities include: shopping, schools, several public parks and Lambton College is only minutes away. The building has hydronic baseboard heating and many capital improvements have been finalized.
5552 Heritage Drive, Niagara Falls, Ontario
The five-storey, mid-rise building, located at 5552 Heritage Drive in Niagara Falls, has a total of 69 well-maintained suites (15 one-bedrooms, 43 two-bedrooms and 11 three-bedrooms). The building is nicely located just off the Niagara River Parkway within minutes of the Falls, close to the Eagle Valley and Whirlpool Golf clubs and only a couple of blocks from the Thorold Stone Mall.
Primecorp’s Pride in a Proven Track Record of Commercial Real Estate Investment Sales
Primecorp is a progressive Commercial Real Estate Investment Brokerage and Management and Advisory Firm specializing in commercial investment sales, multi-residential investment sales, retail leasing, office leasing and property management. Our firm has offices in Ottawa, Toronto, Gatineau, and Montréal and we are proud of our track record, brokering transactions in over 55 Canadian cities in excess of $6 billion CAD:
Primecorp's multi-residential team work diligently to attain and meet the needs of all its client and we are so proud when we succeed in this regard; this is what is so fulfilling about what we do at Primecorp. I'm always so proud of the relationships that have been created and the successes that have been earned. - Aik Aliferis, Chief Executive Officer, Primecorp