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Great Untapped Market

Toronto
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Most people who have gone through the university or college experience have either horror or comedic stories revolving around off-campus housing. (Burst water pipes, fiery curtains, or furniture nailed to the ceiling all come to mind.) “Right now many kids are living in illegal apartments or run-down housing,” CHC Realty Capital Corp CEO Mark Hansen tells Bisnow. CHC, a capital pool company based in Toronto, announced it has entered into an agreement to buy the Liberty Terrace student housing property in Kingston for $2.5M. The property has 18 beds and just over 1,100 SF of ground-floor commercial space (100% leased to two tenants) and is just over one kilometre from Queen’s University. Snapped is Liberty Terrace.

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For CHC, the student housing market is relatively new ground, having made its first acquisition in April 2012. The company owns four other properties--Hamilton, Oshawa, and two in Waterloo--through limited partnerships, making them one of the largest owners of student off-campus housing properties in Canada (2,000 beds). The Liberty deal serves as a case study in CHC’s growth strategy as they target both existing product for acquisition and new-build opportunities in partnership with other developers in close proximity to major universities in proven markets across Canada. “Student housing in Canada has been non-existent as a market,” Mark says. “It’s a proven market everywhere else in the world. There is a critical mass of kids here and not enough supply.” Snapped is West Village Suites in Hamilton.

Related Topics: Liberty Terrace, The Liberty