Locations
Richmond Asset Management is continuing its growth in southwestern Ontario, expanding into Niagara Region with the acquisition of a 79-apartment building in St. Catharines.
Toronto-based Richmond has thus far focused on the Windsor-Essex and Sarnia-Lambton regions as it has built its multifamily portfolio.
Its latest acquisition, which closed on Tuesday, is the Capri Apartments at 20 Bradmon Dr., a purpose-built rental property.
“The property aligns with our strategy of acquiring properties in great locations, well below replacement cost and with an ability to add value,” Richmond managing partner David Barry said in the announcement.
“The Niagara region is well positioned for long-term economic growth, benefiting from a diversified economy, an attractive quality of life, and easy access to the GTHA and the U.S. border,” added managing partner Aly Somani.
Financial details were not released.
The property was previously operated by Toronto-based 17A Properties, which has a portfolio of mainly mid-sized apartment buildings across the GTA and southwestern Ontario according to its website.
The acquisition and Richmond's strategy
Capri Apartments features what the announcement calls “large livable suites with a suite mix of 48, two-bedroom units and 31, one-bedroom units, private balconies, ground floor patios, covered parking garage and additional surface parking.”
The property is located in the residential Port Weller neighbourhood, with close access to shopping, green space and backing on to a ravine with a walking path to the waterfront.
In a previous interview with RENX, the partners expressed confidence in secondary Southwestern Ontario markets characterized by strong rental demand, limited supply and favourable demographic trends.
“Our thesis has always hinged on buying well below replacement value and driving positive value of the property in a market where we saw a lot of upside and that was underserved,” Barry told RENX in the summer 2025 interview. "The values that Aly and I both share, are pride around providing safe, fresh and clean accommodation at an affordable price.”
Richmond Asset Management was founded in 2024 by Barry and Somani and has built a portfolio of 31 properties, valued at approximately $125 million. Until this most recent acquisition, all of its investments were in the Windsor and Sarnia areas.
Over the past two years, Richmond has acquired 15 properties and expanded the portfolio to 528 residential units and 100,000 square feet of retail space.
Industry Events
Locations
