Yesterday CAPREIT announced that we have entered into our first joint venture development agreement for a mixed-use project at 1100 King Street West in Toronto’s Liberty Village neighborhood.
The agreement is to acquire a 1/3 undivided interest in the residential component of the project for $60.3M. The residential component will consist of 3 towers and 506 apartment suites (sitting on top of a roughly 160,000 square foot commercial/retail podium that will not be owned by CAPREIT).
Here’s what Thomas Schwartz, President and CEO of CAPREIT had to say:
“We expect our interest in the property, combined with the property management fees we will receive, will be accretive to our cash flow and set the stage for similar partnerships, along with our own new rental developments in the future.”
As a member of the development team at CAPREIT, it feels great to get this one out there.
Click here for the full public press release.
Yesterday CAPREIT announced that we have entered into our first joint venture development agreement for a mixed-use project at 1100 King Street West in Toronto’s Liberty Village neighborhood.
The agreement is to acquire a 1/3 undivided interest in the residential component of the project for $60.3M. The residential component will consist of 3 towers and 506 apartment suites (sitting on top of a roughly 160,000 square foot commercial/retail podium that will not be owned by CAPREIT).
Here’s what Thomas Schwartz, President and CEO of CAPREIT had to say:
“We expect our interest in the property, combined with the property management fees we will receive, will be accretive to our cash flow and set the stage for similar partnerships, along with our own new rental developments in the future.”
As a member of the development team at CAPREIT, it feels great to get this one out there.
Click here for the full public press release.
I have an announcement to make on Architect This City today.
Next week I’m joining the development team at CAPREIT (TSE: CAR.UN) here in Toronto. CAPREIT is one of Canada’s largest residential landlords. They are a growth-oriented real estate investment trust with over 41,839 residential units in major urban centers across both Canada and Ireland.
They also happen to be headquartered in the St. Lawrence Market area, which means I now live and work in the same neighborhood. As we discussed here, location matters a lot.
So here’s to a new chapter. I’m looking forward to diving into the multi-family business. Change is good.
I have an announcement to make on Architect This City today.
Next week I’m joining the development team at CAPREIT (TSE: CAR.UN) here in Toronto. CAPREIT is one of Canada’s largest residential landlords. They are a growth-oriented real estate investment trust with over 41,839 residential units in major urban centers across both Canada and Ireland.
They also happen to be headquartered in the St. Lawrence Market area, which means I now live and work in the same neighborhood. As we discussed here, location matters a lot.
So here’s to a new chapter. I’m looking forward to diving into the multi-family business. Change is good.
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