A partnership of three Dream entities has acquired the Weston Common apartment and mixed-use complex on John Street in Toronto. (Google Maps)

Three Dream entities have closed on the acquisitions of two Toronto apartment properties, comprising 912 units, for $378 million. The partners also have another Toronto acquisition under contract.

The acquisitions of the 912 apartments were originally announced during the summer, but at the time Dream did not provide further information about 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 have been acquired in a joint venture between Dream Unlimited Corp. (DRM-T), Dream Impact Trust (MPCT-UN-T) and the Dream Impact Fund. Each of the entities holds a one-third interest 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,” Michael Cooper, chief responsible officer of Dream Unlimited and portfolio manager of Dream Impact, said in the announcement.

Dream Unlimited and the trust also have a 228-unit, multi-building portfolio of multiresidential assets in Toronto under contract. The ownership structure is expected to mirror those of Weston Common and 262 Jarvis.

Dream’s Weston Common acquisition

Weston Common is comprised of 22 John St., a 369-unit, class-A, purpose-built rental building completed in 2019, as well as a 472-unit apartment building completed in 1974, 42,000 square feet of fully leased commercial space and an 8,800-square-foot community hub occupied and programmed by Artscape, a non-profit community organization.

It includes 53 affordable housing units and 26 live/work artist studios.

Weston Common won the BILD Award for Best New Planned Community in 2017.

Dream’s intention is to increase the number of affordable units provided on-site as per CMHC’s definition of affordable rent for the area.

It has also pledged to “implement specific initiatives from each of its three impact verticals (Affordable & Attainable Housing, Environmental Sustainability & Resilience, and Inclusive Communities) at each property).”

Included among the plans are decarbonization and building modernization retrofits to reduce greenhouse gas emissions by 15 per cent within the next three years.

It also plans to implement social programming and other supports for the community and its residents. Details are to be included in the 2022 Dream Impact Report.

262 Jarvis is a six-storey, 71-unit, art deco-style apartment building located near Ryerson University.

About Dream Unlimited and Dream Impact Trust

Dream is a Toronto-based developer of office and residential assets which owns stabilized income generating assets in both Canada and the U.S., and has an asset management business.

The firm has $12 billion of assets under management across three TSX-listed trusts, its private asset management business and partnerships.

Dream also develops land and residential assets in Western Canada.

Dream Impact Trust is an open-ended trust dedicated to impact investing.

Dream Impact’s underlying portfolio is comprised of real estate assets reported under two operating segments: development and recurring income.