Peakhill Opportunity REIT and First Olympic Capital have acquired two Toronto rental apartment buildings containing 202 units for approximately $57 million.

The properties are in North York and the Rockcliffe-Smythe neighbourhood. The purchase works out to approximately $282,000 per apartment.

The larger property, identified by Peakhill as Project Tuesday, is a 14-storey building containing 109 apartments in North York. Project Lambton is a 12-storey, 93-unit building in Rockcliffe-Smythe, within Toronto’s York submarket.

Peakhill did not disclose the addresses, seller, occupancy levels or the portion of the purchase price attributed to each building.

The transaction was partly financed through Canada Mortgage and Housing Corporation-insured mortgages. Peakhill did not disclose the amount or terms of the financing.

“This acquisition reflects exactly the type of asset P-REIT was built to pursue: irreplaceable, concrete high-rise rental buildings in the City of Toronto with meaningful upside through disciplined long-term asset management,” said Cory Capland, president of Peakhill Opportunity REIT.

First Olympic is affiliated with Obelysk, the Toronto-based family office of the Bitove family. Brett Bitove leads First Olympic’s real estate investment activities.

Peakhill launched the private REIT in January to acquire income-producing apartment properties, initially concentrating on the Greater Toronto Area, Southwestern Ontario and nearby markets.

The REIT can make wholly owned acquisitions, form joint ventures with institutional and family-office investors, and provide preferred equity or mezzanine financing. It plans to expand into other parts of Canada over time.

Peakhill said it is considering several additional acquisitions as it continues building its Ontario multi-residential portfolio.

Pictured: Project Tuesday is a 14-storey, 109-unit Toronto rental property acquired by Peakhill Opportunity REIT and First Olympic Capital.