CBRE Finalizes Major Apartment Transaction
Another major multi-rez transaction in the GTA backs up what CBRE EVP David Montressor told us a few weeks ago: Apartment complexes are where its at. CBREs national apartment group sold an 11-property portfolio totaling 17 buildingsand 1,648 units, with eight of those properties closing at $161M (above, 2250 Homelands Drive, Mississauga). The closing of the remaining three properties is pending. This is the third multifamily transaction over $100M in the GTA over the past six months. What's contributing to this trend, David says, is strong demand for rentals and low interest rates. CBRE director of research Ross Moore adds that investor appetite for apartment buildings in the GTA has been rising steadily since 2009.
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