Equiton Residential Income Fund Trust has acquired four rental buildings in Toronto, adding 346 apartments to its portfolio and continuing a growth period that has seen it cross $1 billion in assets under management in 2024.

In Forest Hill, the properties are the nine-storey, 175-unit 120 Raglan Ave., a neighbouring 16-unit townhome complex at 130 Raglan Ave., and a seven-storey building at 1862 Bathurst St. with 75 units.

120-130 Raglan Ave. is known as the Cedarwood Suites; 1862 Bathurst St. as Ava Manor.

"Forest Hill is a premier area to live in Toronto," Jason Roque, CEO of Equiton, said in Thursday's announcement. "The area not only offers strong rental fundamentals but also a vibrant community atmosphere, making it an attractive location for residents seeking high-quality living and for investors aiming for stable, long-term returns."

In the North York area, Toronto-based Equiton purchased 4190 Bathurst St., known as the Almore Apartments. The property has 80 units.

Financial details of the acquisition were not released. An Equiton spokesperson told RENX in an email exchange the properties are entirely owned by Equiton via The Equiton Residential Income Fund Trust.

With the transactions, Equiton’s apartment portfolio is now comprised of 41 properties in Ontario and Alberta totalling 3,463 units. The private equity firm will manage the newly acquired buildings.

About the acquired properties

Units available at Cedarwood Suites according to its website are studio, one-bedroom and two-bedroom units. The studio units are just under 400 square feet; one-bedroom units range from 476 square feet to 738 square feet; two-bedroom suites over 800 square feet.

The 16 townhomes on the site were constructed as an infill project adjacent to the apartment tower, by previous owner Starlight Investments. 

Equiton notes the St. Clair West TTC station is a 10-minute walk away with Allen Road and Hwy. 401 a short distance to the north. Schools are also in close proximity, the website states.

Ava Manor’s units range from studios to three-bedroom variants.

The apartments include studios, one-bedroom, two-bedroom and two three-bedroom units. They range from approximately 300 square feet to 1,710 square feet for the largest of the three bedrooms.

Like Cedarwood Suites, Equiton emphasizes its close proximity to the St. Clair West TTC station, Allen Road and Hwy. 401, as well as its green spaces, parks, retail and dining options.

Almore Apartments is adjacent to Earl Bales Park, Equiton notes. One-bedroom units range from 537 square feet to 870 square feet. Two-bedroom units that start at 965 square feet to 1,018 square feet.

Equiton says Almore Apartments has an outdoor pool and a renovated lobby. North York Centre and Yonge Sheppard Centre are nearby with bus access also available.

Roque said all the properties have “exceptionally high occupancy rates and have undergone significant capital investments, featuring extensive physical upgrades."

The buildings have "minimal deferred capital requirements" and have received $14.5 million in investments since 2011, the spokesperson wrote. The upgrades include renovations of lobby areas, new carpets in hallways, stairway enhancements and elevator modernizations.

Approximately three quarters of the suites are renovated. 

Equiton’s Ontario acquisitions

Equiton told RENX in March the company reached the $1-billion milestone through acquisitions, value-add and development.

One of its latest Ontario acquisitions is 200-230 Denistoun Ave. in Welland, representing Equiton’s first multifamily properties in the Niagara Region.

In 2023, it acquired two other Ontario properties: Scenic Tower, a nine-storey, 115-unit apartment building in London; and a six-storey, 55-unit apartment building Brantford.

Its Ontario developments include three Toronto properties: 

• TEN99 Broadview, a proposed 12-storey, 355-unit condominium;
• the proposed 11-storey Vicinity Condos;
• and Sandstones, a proposed 13-storey condo with more than 300 units in Scarborough.