Can You Guess How Much This Brampton Condo Building Sold For?
We’re in the middle of the innovation corridor, we’re the ninth largest city in Canada, our population is expected to hit a million in just over 20 years, and everyone’s talking about a future-ready Brampton. With so much development happening in our city, it’s no surprise that real estate in Brampton is garnering attention, too.
Colliers Multifamily Advisory Group recently announced that they brokered a sale of a condo building at McMurchy Avenue North and Denison Avenue, 49 McMurchy Avenue North, near downtown Brampton.
Starlight Investments, a recognized company in North American real estate, won the bid on the property for a sale price of a whopping $11.5 million.
In terms of old and new ownership, the former owner is quite the opposite of the new owner of the building.
“The owner was a private individual who is looking to focus on other business ventures,” said the Colliers representative.
As for more details on the property, the seven-story, 79-suite brick apartment building is situated on 1.5 acres of land, and consists of bachelor, one-bedroom, and two-bedroom spaces. It boasts 92 surface parking spaces.
“Typically, multi-family properties in Brampton have traded in a 4.4 per cent CAP range, this one sold for 4.0 per cent CAP,” a Colliers representative told inbrampton.com.
A CAP rate is based on the return that a real estate property is expected to generate, and this rate on such an average condo building could reflect Brampton’s current and expected growth.
Photo of 49 McMurchy Avenue North, courtesy of Google Streetview