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Equiton acquires two-building Hamilton apartment complex | RENX – Real Estate News EXchange

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IMAGE: This apartment complex at 125 Wellington and 50 Cathcart streets in Hamilton has been acquired by the Equiton Residential Income Fund. (Courtesy Equiton)

This apartment complex at 125 Wellington and 50 Cathcart Streets in Hamilton has been acquired by the Equiton Residential Income Fund. (Courtesy Equiton)

The Equiton Residential Income Fund has made its first acquisition of what founder and CEO Jason Roque expects to be a busy 2021. The fund has expanded into Hamilton with the purchase of two linked apartment buildings, totalling 360 units, for $54.3 million.

Located in the Beasley neighbourhood of East Hamilton, the buildings are at 125 Wellington St. N. (18 storeys) and 50 Cathcart St. (six storeys). They contain a mix of bachelor, one-, two-, and three-bedroom apartments, and occupy nearly an entire city block.

 “We had been looking at Hamilton,” Equiton founder and CEO Jason Roque told RENX in an interview. “I’m from Hamilton, so I know the market really well but we hadn’t come across anything that worked for us. This opportunity came up and we thought it was a good deal so we figured we’d better jump on it.”

The off-market deal was facilitated through a mutual acquaintance in the banking industry who connected Equiton with the vendor, Roque said.

The properties were constructed during the 1970s. Roque said the units were both well-maintained and well-operated by the vendor, a private company. Building systems do require some upgrades, however.

“Good deal” for concrete building

“There are some major capital works that are needed on the building, so we are going to start those right away, but I would say what attracted us was that the previous owner had done a good job of managing it,” Roque said.

He noted that while there is some upside opportunity in rents, there is no dramatic gap between in-place and market.

“We just see that from our perspective it was a good deal for a concrete building of this size and this efficiency in that market. Plus the area there in Hamilton is really gentrifying. I think there’s medium- and long-term opportunity because of everything that’s happening in the area.

“I’ve lived in Hamilton my entire life for the most part and you’d always hear about things being built downtown but nothing ever got built, but that’s changing. There are construction cranes nearby, so we know it’s up and coming, so we figured this would be a good long-term buy for us.”

Known as Wellington Place, the buildings are just minutes from downtown Hamilton and a short commute to McMaster University. Nearby are several public parks, public transit, GO Transit, Hamilton General Hospital and St. Joseph’s Healthcare.

Equiton will take over management of the buildings.

Equiton focused on multires acquisitions

The purchase is one of the fund’s largest to date, increasing its portfolio by about 35 per cent to just under 1,400 units and the value to about $325 million in AUM.

While Equiton is also interested in commercial and retail properties, the immediate focus is on multiresidential.

“The majority of our purchases this year, 80 to 90 per cent of our purchases, will be multires,” he said.

For a couple of reasons.

First, Equiton’s fund has been highly successful. Second, there is significant capital available to invest in the sector, which has been a strong performer throughout the pandemic.

“Our fund has been around. It will be our five-year anniversary in May,” Roque said. “The fund has had positive returns every month since inception (59 consecutive months), so we are starting to see the capital flow in much more quickly.

“I would say from my perspective it’s really because of time and tenure. We’ve been around for a long time now so we are starting to see increasing capital inflows.”

Equiton’s purchases in late 2020

Equiton had a busy second half of 2020 in Southern Ontario, making a series of acquisitions and entering into a joint venture in Guelph to build a mixed-use development with RRH Rental Properties. It also internalized its property management functions.

The Guelph development involves the demolition and redevelopment of a 3.5-acre property which has been home to a The Beer Store outlet, which will be moved into a new building in the first phase. The JV will then develop 96 townhomes.

It also acquired two 38-unit apartment buildings at 650 Woodbine and 787 Vaughan Roads in Toronto in November.

In July, it expanded the Equiton Residential Income Fund portfolio in Guelph, purchasing two apartment buildings comprising 112 units. They are located near the Stone Road Mall and an adjacent commercial and services corridor.

“We’re growing,” Roque concluded. “I think over the next few years you are going to see more rapid growth.”

About Equiton

Founded in 2015, Equiton is a private equity firm based in Burlington specializing in private market real estate investments. It purchases and manages residential and commercial income properties, and invests in real estate development projects.

Its leadership team has more than 100 years of combined real estate, investing and management experience.

Collectively they have overseen the acquisition and management of over $10 billion in real estate, developed over 100 million square feet of real estate projects and overseen a combined portfolio of more than 10,000 apartments in Canada and the United States.

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Hot real estate market sparks warnings to potential buyers as complaints to regulator double

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As home sales in the province continue on a dizzying trajectory, the province’s real estate watchdog and regulator are warning buyers to be wary of what they may be getting into.

The Real Estate Council of B.C. (RECBC) and the Office of the Superintendent of Real Estate said that in the first three months of 2021, they have seen an increase in inquiries and complaints.

Calls to the regulator were up 42 per cent over the previous year, while complaints, such as how offers were made and accepted, were double the number received in the same period in 2020.

“Buying a home is one of life’s biggest financial decisions. There are potential risks at the best of times, but with the added pressure and stress of the current market conditions, those risks are amplified,” Micheal Noseworthy, superintendent of real estate, said in a statement.

 

 

The Real Estate Board of Greater Vancouver says sales in the region have continued at a record-setting pace.

Residential home sales covered by the board totalled 5,708 in March 2021, up 126.1 per cent from March 2020, when the COVID-19 pandemic hit, and up 53.2 per cent from February of this year.

Rural and suburban areas have experienced the biggest spikes.

For the past two weeks, Jay Park has been in the middle of the buying frenzy.

He and his partner are trying to upgrade from their one-bedroom apartment to a two-bedroom condo or townhouse in Vancouver.

“I wish we had done this a month or two ago,” he said.

 

A condo tower under construction is pictured in downtown Vancouver in February 2020. (THE CANADIAN PRESS/Darryl Dyck)

 

Park put an offer on a $1-million condo, $4,000 above asking price.

“To entice the [seller], we put in a subject-free offer, but it wasn’t successful,” he said. “They accepted $110,000 over asking price that was also subject-free.”

The hot market has led to bidding wars. Some would-be buyers have even lined up outside for days to try to get a jump on a property.

Erin Seeley, the CEO of the council, is warning buyers to do their research and be aware of risks before making an offer.

“It’s really important that buyers have engaged with their lender before they’re making offers so they know how to stay within a reasonable budget,” she said.

Seeley said some of the complaints the council has heard from buyers is that they weren’t aware the seller has a right to take an early offer.

“And the seller was really in the driver’s seat about setting the pricing,” she said.

 

Demand continues to outstrip supply for housing in cities like Vancouver. (Rafferty Baker/CBC)

 

Aaron Jasper, a Vancouver realtor, advises clients to avoid cash offers and to include finance clauses even if it may mean they lose a deal.

“There’s a lot of frustration among buyers, feeling pressure to take some risk,” he said.

“You’re better to be delayed perhaps a year getting into the market as opposed to being completely financially ruined.”

Jasper also says realtors are limited in the advice they can give to clients on legal matters, home inspections, potential deficiencies with homes, and financing.

‘Caught up in the craziness’

Other tips from the council include seeking professional advice before making a subject-free offer or proceeding without a home inspection, and speaking to a professional to determine how market conditions may be affecting prices.

Meantime, people like Jay Park say they are still keen to buy. Park has more viewings scheduled and is optimistic.

“It’s a very exciting time for us, but I also don’t want to get caught up in the craziness and make a purchase that’s above our means.”

Source: – CBC.ca

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Black Press Media introduces one of Western Canada's best real estate platforms helping home buyers Find. Love. Live. that new home – Aldergrove Star

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Need an agent who knows the community?

Or, is it time to look for a new place to live, but you don’t know what’s on the market?

Whatever the real estate need is for residents in the communities of British Columbia, Yukon & Alberta, there’s a new way to do that one-stop shopping – by visiting Today’s Home.

The slogan for the site is “Find. Love. Live.”

“We want people to find their dream home, love it, and live in it,” said group publisher Lisa Farquharson.

Building on the success of Black Press Media’s niche digital platforms – Today’s Home brings the same wealth of knowledge and local expertise to the search for a home, be it buying, selling, or even just daydreaming about what changes you can make in the future.

Search hundreds of listings that local real estate agents have available.

The listings cover properties around the region, from a one-bedroom, one-bath condo for $339,900 to million-dollar acreages throughout the province of BC, Yukon, Central Alberta and beyond.

Click on a listing, and see not only the realtor handling the property sale, but links to his or her other listings and social media feeds. With the click of a mouse, take a virtual tour of the property, find the property’s walking score, and learn about nearby amenities.

There are links available to schedule a showing, or send the agent a comment or question.

Want to share a listing? When you click on the share button, you’ll actually send an attractive digital flyer of the prospective property, not just a link.

There’s even a button to help determine how much you have to spend, courtesy of the convenient mortgage calculator.

Plus, scroll down the page on Today’s Home and find a list of expert local real estate professionals who can answer questions or help with that home sale, Farquharson explained.

Today’s Home offers the advantage of the massive reach that Black Press Media has built throughout Western Canada with its network of community newspapers and online products. That allows the public to tailor real estate searches based on location, price, and other key factors while allowing real estate professionals to gain unprecedented audience reach with their listings.

Today’s Home will dovetail into the media company’s existing print real estate publications.

“Black Press Media has real estate solutions in print and now we can add in the digital component,” Farquharson said.

Watch for expansion of the Today’s Home platform in the near future, she added. That will come as Black Press Media adds a new component – the development community. Developers will be able to reach a huge audience when their projects are ready for presentation.

For information on Today’s Home, contact group publisher Lisa Farquharson at 604-994-1020 or via email.

Happy house hunting!

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PGIM Real Estate, Revera Affiliate Target UK Market in Newly Formed JV

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Real Estate Sales In September

PGIM Real Estate has been active in recent months providing capital to facilitate blockbuster senior housing acquisitions. Now the firm is looking to capitalize on demand for senior housing in the United Kingdom.

The Madison, New Jersey-based real estate investor and lender announced this week it is entering into a joint venture with Signature Senior Lifestyle, an affiliate of Revera, to develop and operate senior housing communities around greater London

Mississauga, Ontario-based Revera serves 20,000 older adults in long-term care homes and retirement residences in Canada. It is also the majority shareholder of Sunrise Senior Living, one of the largest senior housing providers in the U.S. The company operates a portfolio of 12 communities in the U.K. under the Signature Senior Lifestyle brand, with one community in development that is slated to open in autumn 2021.

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The JV has one development underway — a senior housing community, or “prime care” home, in southwest London. PGIM worked with Elevation Partners, a London-based investor and asset manager in U.K. health care real estate, in sourcing, structuring and executing the venture. Additionally, PGIM will retain the firm to leverage its expertise.

PGIM and Revera did not respond to requests for comment from Senior Housing News regarding details about its development pipeline.

London is emerging as a future hotbed of senior housing development, spurred by favorable demographic growth trends and a lack of available supply, and the PGIM-Revera venture will find competition.

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Maplewood Senior Living CEO Gregory Smith told SHN last month that demand for U.K. senior housing is comparable to major U.S. markets such as New York and San Francisco, where supply has historically been constrained.

Maplewood and its investment partner, Omega Healthcare Investors (NYSE: OHI) are looking to expand its luxury Inspir brand to the U.K., and identified five suburban markets around London with high barriers to entry that are favorable for the brand’s growth.

Revera CEO Tom Wellner sees similar untapped upside potential for senior housing in the U.K.

Source: – Senior Housing News

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