Maple Leaf Quay Deal Show Higher Values
Last weeks $150M Maple Leaf Quay sale is a good case study of what's happening in the area of valuations for mixed-use apartment complexes in the GTA, says CBRE EVP David Montressor. CBRE brokered the sale of the landmark apartment building complex to a private Vancouver-based investor group. The 502-unit building was bought in 1995 for $36M by the group that sold it last week. A big part of it is there is a fair amount of capital looking for a safe place to go, says David, who is head of CBREs national apartment group. Here's why: a strong demand for rentals in the GTA, low interest rates, and vacancies are down. And, of course, stellar location.
(We thought the start of baseball season was supposed to signal the onset of warmer weather? What happened with that?) mark.keast@bisnow.com
