Let's take a look at recent (over the past 12 months) Apartment Building sales in Oakville.
I have located only 3 transactions:
41 Speers Road - 135 unit Building sold for $15,555,000 ($115,222 per unit) - Dec.14th/07
2300 Marine Drive - 47 unit Building sold for $5,525,000 ($117,553 per unit) - Dec.19th/07
435 Kerr Street - 30 unit Building sold for $2,931,000 ($97,700 per unit) - August 27th/08
Not many transactions, but the ones that did take place were quite substantial. Two of the three were purchased by "large" operating entities, while the Kerr Street property looks like it was purchased by individual through a corporate entity.
The trend continues in that the larger properties are being gobbled up by the well-known REITs and well-financed groups that already have substantiall apartment buildings in their portfolio.
Not any great deals here, but solid deals on properties that are well located and should provide solid and growing cash flows for these new owners for years to come.
Wednesday, December 10, 2008
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