Dream Completes Acquisitions in Toronto, 912 Apartments | RENX
Three Dream the entities completed the acquisition of two apartment buildings in Toronto, comprising 912 units, for $ 378 million. The partners also have another Toronto acquisition under contract.
Acquisitions of the 912 apartments were initially announced over the summer, but at the time, Dream did not provide further information on the properties. The sites are Weston Common, a two-tower mixed-use apartment complex with 841 units, and a smaller building at 262 Jarvis St.
The properties were acquired as part of a joint venture between Dream Unlimited Corp. (DRM-T), Dream Impact Trust (MPCT-A-T) and the Dream Impact Fund. Each of the entities has a one-third stake in the portfolio.
“The successful acquisition of these apartments accelerates the growth of our income property portfolio and increases the proportion of our assets that generate recurring income,” said Michael Cooper, Managing Director of Dream Unlimited and Portfolio Manager of Dream Impact , in the ad.
Dream Unlimited and the trust also have a 228 unit multi-unit multi-residential asset portfolio in Toronto under contract. The ownership structure should mirror that of Weston Common and 262 Jarvis.
Acquisition of Dream’s Weston Common
Weston Common comprises 22 John Street, a purpose-built 369 unit Class A rental property, completed in 2019, as well as a 472 unit apartment building completed in 1974, 42,000 square feet of retail space fully leased and an 8,800 square foot community center occupied and programmed by Artscape, a community not-for-profit organization.
It includes 53 affordable housing units and 26 artist living / working studios.
Weston Common won the BILD award for the best new planned community in 2017.
Dream’s intention is to increase the number of affordable housing provided on-site in accordance with CMHC’s definition of affordable rent for the region.
It also pledged to “implement specific initiatives from each of its three impact verticals (affordable and attainable housing, environmental sustainability and resilience and inclusive communities) in each property). “
Among the plans are the decarbonization and modernization of buildings to reduce greenhouse gas emissions by 15% over the next three years.
It also plans to implement social programs and other supports for the community and its residents. Details must be included in the 2022 dream Impact report.
262 Jarvis is a six-story, 71-unit Art Deco apartment building located near Ryerson University.
About Dream Unlimited and Dream Impact Trust
Dream is a Toronto-based office and residential asset developer who owns stabilized income generating assets in Canada and the United States, and owns an asset management business.
The company manages $ 12 billion in assets in three TSX-listed trusts, its private asset management businesses and partnerships.
Dream is also developing real estate and residential assets in Western Canada.
Dream Impact Trust is an open-ended trust dedicated to impact investing.
Dream Impact’s underlying portfolio is made up of real estate assets presented in two operating segments: development and recurring income.