A 96 unit Weston Road apartment building was recently purchased for $9.3 million. The property at 2304 Weston road purchased by InterRent is just 50 metres from another of the company’s holdings at 2336 Weston Road. According to the company’s press release,
This purchase has a solid going in cap rate, upside potential and adds more scale and efficiency to our operations in Toronto. With this purchase we will have acquired 1,000 suites so far this year, all of them in strong rental markets that we have targeted for growth.
InterRent obviously sees Weston as a stable income source and a place for future investment.
We would be a great home for the new TCHC headquarters …paging Councillor Nunziata.