Groupe Dumont has acquired The Oaks on the Green, a four-tower apartment complex containing 1,212 units in northwest Toronto.

The property is located at 160, 170, 180 and 200 Chalkfarm Dr., near Jane Street and Wilson Avenue. Groupe Dumont described the purchase as one of Canada’s largest multifamily transactions this year. The price was not disclosed.

Greenwin was the vendor and will remain the property manager. Groupe Dumont is the sole owner, president and CEO Carl Dumont told Connect.

Dumont said the complex’s scale, land and acquisition cost made it attractive, though the older buildings require significant investment.

“We’ll invest several million dollars in the systems and common areas, making sure we bring the property up to date and fix what needs to be fixed,” Dumont said.

The capital program will target elevators, lighting, laundry facilities, corridors, grounds and other areas residents use daily. Dumont said the company intends to build on existing amenities, including a basketball court, pool, kindergarten and community centre.

Toronto approved plans for a 36-storey rental building containing 539 apartments and 330 square metres of retail space on part of the site. Dumont said Greenwin retained that development parcel and Groupe Dumont has no immediate plans to pursue additional density on the property it acquired.

“For us, it’s mostly improving what’s in place already, with the 1,200 households there,” he said.

Vacancy at The Oaks is below 2%, according to Dumont. He said vacancy has risen more broadly in Toronto and Montreal as immigration has slowed and newly built rental units have reached the market at prices beyond some tenants’ budgets.

Those pressures have prompted some large landlords to consider dispositions over the past 18 months, he said, creating opportunities for private buyers able to complete complex transactions.

Groupe Dumont’s private ownership and streamlined decision making can be an advantage when competing for complex properties, Dumont said.

“We can move pretty quickly,” he said. “It’s easier to transact because of that flexibility.”

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