Northview Apartment Real Estate Investment Trust has closed the acquisition of an 81 unit property in Guelph, Ontario. The property was acquired from affiliates of Starlight Group Property Holdings Inc.
According to a prepared statement, this completes the $131.9 million strategic acquisition, previously revealed on November 26, 2018, of six apartment properties representing a weighted average capitalization rate of 4.2%.
Todd Cook, President and CEO, commented, “We are pleased to complete the recently announced strategic acquisition, increasing our high-quality portfolio to nearly 27,000 units. With opportunities identified in the acquisition and our proven success in generating net asset value growth from recent transactions, we continue to create value for our Unitholders.”
Northview is one of Canada’s largest publicly traded multi-family REITs with a portfolio of approximately 27,000 quality residential suites and 1.2 million square feet of commercial space in more than 60 markets across eight provinces and two territories.