Colliers International's apartment specialists Michael Betsalel and Earl Kufner continue to deliver for their clients in spades.
The two recently marketed and sold a premium apartment building at Yonge and Eglinton in Toronto for a 3.4% cap rate, the lowest historic cap rate on an occupied building in Toronto. The 3.4% cap rate represents a new benchmark low in the GTA. This sale value is directly attributable to the process coordinated by the Colliers Apartment Team amidst the current market conditions. The premium location, size, quality and age of the building (constructed in 1989) are in short supply. The property was sold on behalf of Elserg Investments, the original owner and developer of the building. The 81-suite building, located at 77 Roehampton Avenue, was purchased for $20,500,000. The adjusted price per suite purchase price was $260,500.
Colliers delivered on this assignment by demonstrating depth of experience in the apartment asset class and subject property, as well as knowledge of the national investor market. The project is a significant one for the Colliers Team, exemplifying the benefits of Colliers’ platform to clients. “Michael and Earl continue to give their clients a reason to recommend them to others. The ability to deliver record pricing while limiting the client’s risk is a rare thing. They have become leaders in the apartment investment space ,” said Adam Kosoy, Senior Managing Director, Capital Markets & Investment Services, Canada for Colliers International.