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.