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Three Hamilton Apartment Towers Sell In Portfolio Transaction
The Marketeer Portfolio, a three-tower apartment complex in downtown Hamilton, has sold in a 394-unit transaction.
JLL Multifamily Ontario announced the sale of the concrete apartment towers at 150, 155 and 160 Market St., west of Bay Street North and within walking distance of Jackson Square, Hamilton Farmers’ Market and the downtown entertainment district.
KingSett Capital sold the portfolio to Black Ridge Real Estate Group. The purchase price was not disclosed.
“Hamilton offers a combination of relative affordability, strong rental demand, population growth and significant urban intensification,” said Michael Betsalel of JLL. “Downtown Hamilton is at the centre of this transformation.”
The portfolio had previously been brought to market by TD Cornerstone Commercial Realty and CIBC Real Estate Finance as an institutionally owned and managed opportunity offering buyers immediate scale in Hamilton.
The three properties are operated as a single rental community and include one-, two- and three-bedroom suites.
The transaction lands as investors continue to favour established rental properties that provide immediate income at a time when higher construction and financing costs have complicated the economics of new multifamily development.
JLL’s Betsalel, Daniel Sparre and Earl Kufner worked on the transaction.
- ◦Sale/Acquisition