District REIT Acquires Toronto Multi-Res Portfolio
District REIT has expanded into Toronto through the acquisition of an apartment-buildings portfolio.
The private REIT said it acquired the portfolio in an off-market deal that closed October 31.
The purchase was secured at a below-market value and promises substantial appreciation potential over the next 24 months, District said in a news release.
Burlington, Ont.-based District called the acquisition a “game-changing” and “momentous” achievement for itself, its investors and sister company Valour Management, which over sees the current property portfolio.
All of District’s properties are located in Ontario, with most in the southern part of the province. The REIT’s holdings include multi-residential, retail and industrial assets.
District is led by co-founders and trustees Carmen Campagnaro and Richard Hall, whose other businesses include Pro Funds Mortgages, Valour Capital, Valcon Construction, and Valour Management. REIT.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.