78 Braemar Dr. in Brampton, Ont. (Courtesy Equiton)

The Equiton Residential Income Fund Trust (The Apartment Fund) has acquired a multiresidential property — known as Braemar Place — in Brampton, Ont., for $63.25 million.

The 15-storey building at 78 Braemar Dr., across the street from the Bramalea City Centre, contains 153 units and has 198 combined indoor and outdoor parking spots. Amenities include storage lockers, bicycle storage, a playground and an outdoor swimming pool.

Equiton is a private equity investor founded in 2015. It is based in Burlington, Ont.

“We are truly excited to be expanding our presence in the GTA with this acquisition. With its large suites, sought-after amenities and ideal location close to transit, shopping and dining, this property will appeal to a diverse renter base,” Jason Roque, Equiton’s founder and CEO, said in a statement.

“Furthermore, the significant capital investments made recently to improve the building and renovate the suites makes this a strong addition to our apartment fund, which will benefit our investors.”

According to the statement, the additional units will “further enhance operational efficiencies and management synergies.”

The Apartment Fund

The Apartment Fund now comprises 29 properties in 15 communities across Southern Ontario, including several in the Greater Toronto Area, with a total unit count of 2,117.

Some recent acquisitions for Equiton include the March purchase of two apartment properties in the Guelph and Kitchener areas of Southwestern Ontario for $77.6 million, representing almost $454,000 per unit.

In Guelph, the URBN lofts at 98 Farley Dr. are comprised of six stories, 93 units and 124 outdoor parking spots. It was completed in April 2021.

Meanwhile, Joseph’s Place is located at 208 Woolwich St. S., in the community of Breslau, just outside Kitchener. It is made up of 78 “generously sized” units over four storeys and includes 114 parking spaces. The building was completed in November 2020.

In January, Equiton purchased a 75 per cent stake in a planned three-tower, multi-phase development in the Ottawa Riverain District for $30 million. Mixed-use developers Main and Main will be the partner for Equiton’s Residential Income Fund in that project.

The towers will range from 22 to 32 storeys and include a podium. It will comprise over 790,000 square feet of residential space, housing approximately 1,000 “upscale residential rental units” plus amenities. The two-storey podium wukk feature over 32,000 square feet of commercial space.

The project is valued at almost $495 million when complete.

At the end of 2021, Equiton’s Residential Income Fund held $527 million in assets under management, up 86 per cent year-over-year from $284 million.