Three Dream entities have closed on the acquisitions of two Toronto apartment properties, comprising 912 units, for $378 million. The partners also have another Toronto acquisition under contract.
The acquisitions of the 912 apartments were originally announced during the summer, but at the time Dream did not provide further information about the properties. The sites are Weston Common, a two-tower mixed-use apartment complex with 841 units, and a smaller building at 262 Jarvis St.
The properties have been acquired in a joint venture between Dream Unlimited Corp. (DRM-T), Dream Impact Trust (MPCT-UN-T) and the Dream Impact Fund. Each of the entities holds a one-third interest in the portfolio.
“The successful acquisition of these apartments accelerates the growth of our income property portfolio and increases the proportion of our assets that generate recurring income,” Michael Cooper, chief responsible officer of Dream Unlimited and portfolio manager of Dream Impact, said in the announcement.
Dream Unlimited and the trust also have a 228-unit, multi-building portfolio of multiresidential assets in Toronto under contract. The ownership structure is expected to mirror those of Weston Common and 262 Jarvis.
Dream’s Weston Common acquisition
Weston Common is comprised of 22 John St., a 369-unit, class-A, purpose-built rental building completed in 2019, as well as a 472-unit apartment building completed in 1974, 42,000 square feet of fully leased commercial space and an 8,800-square-foot community hub occupied and programmed by Artscape, a non-profit community organization.
It includes 53 affordable housing units and 26 live/work artist studios.
Weston Common won the BILD Award for Best New Planned Community in 2017.
Dream’s intention is to increase the number of affordable units provided on-site as per CMHC’s definition of affordable rent for the area.
It has also pledged to “implement specific initiatives from each of its three impact verticals (Affordable & Attainable Housing, Environmental Sustainability & Resilience, and Inclusive Communities) at each property).”
Included among the plans are decarbonization and building modernization retrofits to reduce greenhouse gas emissions by 15 per cent within the next three years.
It also plans to implement social programming and other supports for the community and its residents. Details are to be included in the 2022 Dream Impact Report.
262 Jarvis is a six-storey, 71-unit, art deco-style apartment building located near Ryerson University.
About Dream Unlimited and Dream Impact Trust
Dream is a Toronto-based developer of office and residential assets which owns stabilized income generating assets in both Canada and the U.S., and has an asset management business.
The firm has $12 billion of assets under management across three TSX-listed trusts, its private asset management business and partnerships.
Dream also develops land and residential assets in Western Canada.
Dream Impact Trust is an open-ended trust dedicated to impact investing.
Dream Impact’s underlying portfolio is comprised of real estate assets reported under two operating segments: development and recurring income.
Real estate secrets; Family blindsided after others profit off obituary; CBC's Marketplace Cheat Sheet – CBC.ca
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Real estate agents caught on hidden camera breaking the law, steering buyers from low-commission homes
Marketplace’s latest investigation is uncovering some shady real estate practices.
Posing as homebuyers and sellers, Marketplace tested if real estate agents are engaging in steering, an anti-competitive practice that steers potential homebuyers away from properties that offer agents lower commission. The team’s hidden cameras found some agents deceiving the buyers they are supposed to represent in an effort to pad their own bottom line.
Experts and industry insiders say what Marketplace has uncovered is indicative of an industry working for the benefit of real estate agents at a cost to home sellers and buyers.
“There’s a huge inertia, and maintaining the status quo, it absolutely benefits existing realtors 100 per cent,” said broker and real estate agent Michael Walsh, one of the few speaking out on this issue.
After learning about our findings, the Real Estate Council of Ontario issued a notice about steering to more than 93,000 real estate agents, brokers and brokerages under its purview, noting that such behaviour breaches their code of ethics. Read more
Family blindsided after marketing company, funeral home cash in on father’s obituary
Before pancreatic cancer took his life in April, John Rothwell made his dying wishes clear: if mourners wanted to donate to a cause in his name, the money should go to an educational fund he and his family set up.
Instead, family and friends unwittingly paid for a product that puts money into the pockets of companies profiting from grief, says son Nathan Rothwell
Rothwell told Go Public that while he knew the obituary would be on the website of the Mackey Funeral Home in Lindsay, Ont., he made sure it included a request for mourners to consider donating to the educational fund, in lieu of flowers.
What no one told his family is that Frontrunner — a Kingston, Ont.-based marketing company that runs the funeral home’s website and many others across the country — uses obituaries to sell what it calls “memorial” trees and other products.
The obituary included links that said, “Plant a tree in the memory of John Rothwell” and led to a different website where mourners paid for products the family knew nothing about, said Rothwell.
“Family and friends spent money out of their own pockets for what they thought were my dad’s wishes,” Rothwell said.
After Rothwell complained and got a lawyer involved, Frontrunner doubled what mourners paid for the trees, and donated that money — more than $2,000 — to the educational fund. The company maintains that it did nothing wrong. Read more
The U.S. land border is reopening, but Canadians with mixed vaccines are still in limbo
While it’s welcome news that the U.S. will reopen its shared land border with Canada to non-essential travel on Nov. 8, some Canadians with mixed vaccine doses aren’t celebrating just yet.
That’s because at the same time the U.S. reopens the land border, it will start requiring that foreign land and air travellers entering the country be fully vaccinated.
The U.S. Centers for Disease Control (CDC) currently doesn’t recognize mixed COVID-19 vaccines — such as one dose of AstraZeneca and one dose of Pfizer or Moderna — and hasn’t yet said if travellers with two different doses will be blocked from entry when the vaccine requirement kicks in.
“CDC will release additional guidance and information as the travel requirements are finalized later this month,” spokesperson Jade Fulce said in an email on Wednesday. Read more
What else is going on?
What we know about kids and COVID-19 vaccines
If parents feel heard and understood, they’re in a much better position to make decisions, say pediatricians
Zellers returns — kind of — but the lowest price isn’t quite the law
Discount store brand reappears months after HBC appears to lose trademark registration.
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The pandemic has changed fashion trends — and experts say our desire for comfort is here to stay.
Canada seeks to claw back $25M in COVID relief from thousands of fishers
More than half of the harvesters affected by the repayment request are in Nova Scotia.
Specialized Tarmac SL7 Bicycles recalled due to fall hazard
Consumers should immediately stop using the bicycles and contact an authorized Specialized retailer.
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