CRESTPOINT ACQUIRES MULTI-FAMILY COMPLEX IN BRAMPTON, ONTARIO
TORONTO, April 5, 2023 /CNW/ - Crestpoint Real Estate Investments Ltd. (Crestpoint) today announced the acquisition of a two building multi-family complex located at 2 & 4 Hanover Road in Brampton, Ontario (the Property).
The Property, comprised of two towers of 18 and 22 storeys, respectively, with a total of 605 units and 946 parking stalls, provides an attractive mix of 1, 2 and 3-bedroom suites that currently have a ~97% occupancy rate. In addition to the two existing towers, the Property's 10 acre site can also support the development of an additional ~400 units in the future. The desirable location, minutes away from Highway 410 and both the Bramalea and Brampton GO stations, offers tenants easy access to multiple schools and a variety of retail, community and recreational amenities including Chinguacousy Park. Vestcor Inc. and Crestpoint, on behalf of the Crestpoint Core Plus Real Estate Strategy (its open-end fund), split a 90% interest in the Property. InterRent REIT acquired the remaining 10% and will provide property management services on behalf of the ownership group.
The closing of this acquisition brings Crestpoint's total assets under management to approximately $9.9 billion and 36.5 million square feet.
About Crestpoint
Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high-net-worth clients. With offices across Canada and in Chicago, London and Gurugram, India, Connor, Clark & Lunn Financial Group and its affiliates are collectively responsible for the management of approximately $104 billion in assets. For more information, please visit: www.crestpoint.com.
SOURCE Crestpoint Real Estate Investments Ltd.
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