TORONTO — Crestpoint Real Estate Investments has announced the acquisition of a two-tower multi-family complex located at 2 and 4 Hanover Rd. in Brampton, Ont.
In addition to the two existing towers, a release states, the property’s 10 acre site can also support the development of an additional 400 units in the future.
The property currently has two towers of 18 and 22 storeys, respectively, with a total of 605 units and 946 parking stalls. The mix of one-, two- and three-bedroom suites have a 97 per cent occupancy rate.
Vestcor and Crestpoint, on behalf of the Crestpoint Core Plus Real Estate Strategy, split a 90 per cent interest in the property. InterRent REIT acquired the remaining 10 per cent and will provide property management services on behalf of the ownership group.
The closing of the acquisition brings Crestpoint’s total assets under management to approximately $9.9 billion and 36.5 million square feet.
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