GWL Realty Advisors (GWLRA) has put The Diplomats, a purpose-built apartment complex in Burlington, Ont., up for sale. 

“Our key investment strategy focuses on disposing of non-core assets and reinvesting capital into core holdings and newer generation, urban, income-producing properties,” GWLRA senior vice-president of multiresidential Erica Penrose told RENX in a written response to questions about the firm's portfolio.

“This approach aims to enhance long-term performance by diversifying our assets under management with a complement of new development opportunities with potential for high risk-adjusted returns.”

Through its GWL Realty Advisors Residential Inc. subsidiary, GWLRA manages more than 10,500 rental homes across 31 communities in Canada.

The Diplomats and recently sold Edmonton portfolio

TD Cornerstone Commercial Realty is marketing The Diplomats, a 5.67-acre site occupied by two 55-year-old, 10-storey buildings with a combined 203 one-, two- and three-bedroom units. Located along the shore of Lake Ontario at 5166 and 5170 Lakeshore Rd., it also has 294 underground and surface parking stalls. 

Burlington is within the Greater Golden Horseshoe Area between Toronto and Hamilton.

The average unit size at The Diplomats is 1,056 square feet. The complex is 97 per cent occupied and 39 per cent of the units have been renovated.

Existing zoning permits further infill development and an under-utilized landscaped area offers potential to develop incremental density with the addition of apartment or townhome units. 

Offering The Diplomats for sale follows on GWLRA’s recent dispositions of the Panorama Court, Signature Place and Concord Tower apartment properties in Edmonton.

Multiresidential development

GWLRA isn’t just subtracting from its multiresidential portfolio, however. Penrose said the company has several projects in the planning, pre-development or construction stages that are expected to deliver close to 3,500 units by 2030.

“Our multi-residential strategy centres on investing in high-quality urban properties, particularly those near transit that benefit from direct community amenities,” Penrose said. “We are committed to maintaining a diverse portfolio by progressing our development pipeline, acquiring new build and investing capital in high-conviction properties. 

“Our focus includes sustainability projects and upgrades that improve resident experiences through enhanced amenities, common areas, technology and living spaces.”

GWLRA is currently in lease-up for several of its developments: One Eighty Five in Mississauga, The Livmore Westboro Village in Ottawa and Le Livmore Ville-Marie II in Montreal. 

One Eighty Five at 185 Enfield Place is a 35-storey building with 365 units located within walking distance of Square One Shopping Centre, Mississauga City Hall and Celebration Square. 

The Livmore Westboro Village incorporates a 26-storey tower, podium and low-rise townhomes that provide 336 units at the intersection of Scott and McRae streets in Ottawa's trendy and growing Westboro district. It also includes 9,052 square feet of ground-floor retail space and a small park.

Le Livmore Ville-Marie II is a 46-storey, 429-unit tower with ground-floor commercial space on the south side of GWLRA’s Le Livmore Ville-Marie apartment building that welcomed its first residents in 2022. The second tower is expected to be completed later this year.

GWLRA's pending developments

GWLRA has submitted a rezoning application to the City of Vancouver to refocus its 1296 Station St. office development to construct two multi-family towers of up to 28 storeys over a podium containing retail and office space. It’s proposing a mix of approximately 400 secured market, below-market and furnished rental apartments.

GWLRA has received unanimous approval from the City of North Vancouver to move forward with a proposed six-storey, 91-unit apartment at 140 W. 19th St. in the Central Lonsdale neighbourhood that’s been occupied by an older three-storey, 32-unit walk-up building.

Construction is to start this spring on a six-storey, 91-unit apartment building at 1555 Robson St. in Vancouver. Completion is expected in 2027.

There are also plans for a 219-unit apartment development in Calgary.

Views on the multiresidential market

“We believe that these properties not only offer potential for growth and return on investment but also enhance the quality of life for residents,” said Penrose, commenting on the state of the Canadian multifamily market.

“The Canadian landscape has evolving market forces that continue to change over the series of time. Properties at the high end of the market are facing increased vacancy rates and slight rent reductions, while other rental segments remain strained by limited supply. 

“This situation is expected to be temporary. Last year marked a significant rise in the delivery of new purpose-built rental units, though these projects began construction two to three years ago. New projects have been curtailed recently due to high inflation, affecting future supply outlooks. 

“Monitoring factors such as population growth, immigration policies and demographics is crucial. Research indicates that Canada is facing a housing shortage and by 2030 we could be facing a shortage of over one million rental units, underlining the opportunities within the sector.”

Future plans for College Park

GWLRA has managed College Park — an historic Art Deco building which includes approximately 120,000 square feet of retail space, 330,000 square feet of office space, 140,000 square feet of rental apartment units and The Carlu event venue — at the corner of Yonge and College streets in downtown Toronto since 2000.

The building will celebrate its 100th anniversary in 2030. GWLRA has launched College Park 100, an event series and website dedicated to exploring the building’s past and future as the company contemplates what a reimagined and revitalized College Park could look like over the next century.

The first event is scheduled for 6 p.m. on March 17 at The Carlu’s Round Room.