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Equiton Residential Income Fund Trust has concluded 2024 by acquiring a four-storey, 277-unit rental complex in northeast Edmonton.
The purchase, by its aptly named The Apartment Fund, caps a year in which it acquired over $275 million worth of property.
"It's been a tremendous year for acquisitions, with the Fund expanding at its fastest pace since inception," Jason Roque, CEO and founder of Burlington, Ont.-based Equiton, said in the announcement.
"Our new addition in Edmonton, along with all the other properties we've purchased, set us up for continued growth in 2025 as interest rates continue to fall.”
Located in the McConachie neighbourhood, the Henday Suites offers one-, two- and three-bedroom apartments, with den variants for the one- and two-bedroom units.
Monthly rents for the 624-square-foot, one-bedroom units start from $1,300. The 885-square-foot two-bedroom units start from $1,575 or $1,650. Rent for the 1,146-square-foot, three-bedroom units was not available.
Features and amenities include access to downtown Edmonton via car or public transit, shopping and entertainment minutes away, schools, abundant greenspace, a rooftop patio, gym and yoga rooms, and a theatre.
Equiton’s acquisition of Henday Suites marks its third property in Alberta, alongside Emerald Hills Landing and Park Square Apartments.
Alberta is one of Canada’s fastest-growing real estate markets, Equiton explained in the announcement, leading in rent growth while still being more affordable than most of the country’s major cities.
Equiton’s acquisition-filled 2024
With its latest acquisition, Equiton’s Apartment Fund consists of 42 properties in Ontario and Alberta totalling 3,740 units. The private equity firm also offers an income and development fund.
"We've built a solid foundation with our disciplined approach to due diligence and sourcing financing," Ryan Donkers, vice-president of investments at Equiton, said. "In 2024, we took advantage of less competition to add high-quality assets to the portfolio.
"I see 2025 as a year for continued growth and potentially expanding The Apartment Fund into other established markets in Western Canada."
Equiton holds $1.35 billion in assets under management, continuing the growth it reported earlier in the year when it surpassed $1 billion through a strategy that puts acquisitions and developments at the forefront. Roque told RENX at that time he is proud the company reached the milestone despite the headwinds of a pandemic, rising interest rates, inflation and an uncertain market.
In June, Equiton acquired four eight-storey, mid-rise apartment buildings in Welland, Ont. its first properties in the Niagara Region.
Then in September, it bought a four-building portfolio of 346 units in Toronto.
In Welland, it acquired 200-230 Denistoun Ave., consisting of 388 units. Located on the waterfront of the Welland Canal, the options vary from one- to three-bedroom units.
The September Toronto acquisition was made up of the nine-storey, 175-unit 120 Raglan Ave., a 16-unit townhome complex at 130 Raglan Ave.; a seven-storey building at 1862 Bathurst St. with 75 units; and an 80-unit apartment at 4190 Bathurst St.
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