Minto Apartment REIT has acquired interests in 753 multiresidential rental suites at two downtown properties, the new Niagara West tower in Toronto and The International in Calgary, for $201 million.
Minto (MI-UN-T) is paying $114.5 million to acquire a 28.35 per cent managing interest in the Niagara West building and $86.5 million for a 100 per cent interest in The International, the trust announced on Monday.
The Niagara West property
Niagara West comprises 14- and a 19-storey buildings, completed in 2020, containing 501 apartments, 52,594 square feet of retail at grade anchored by a Farm Boy grocery store and 379 parking stalls. They’re located in a mixed-use urban neighbourhood with access to public transportation, walking paths and green space (Walk Score of 91 and Bike Score of 95).
Suites range from bachelors to three-bedroom townhomes. Amenities include a 24/7 concierge, fitness centre, sauna, steam room, outdoor rooftop pool and urban garden, rooftop off-leash dog run, games room and a party room.
The average rental rate in Niagara West is $2,573 per month. The building is 95 per cent occupied.
The remaining 71.65 per cent in Niagara West will be acquired by an Canadian institutional investment manager, which is not named and is the majority owner of the vendor.