BURLINGTON – The Equiton Residential Income Fund reported the acquisition of a multi-family residential apartment building that stands 18 storeys and has 129 units in London, Ontario.
The Kingswell Towers, which was purchased for $34 million, complements the company’s existing portfolio and will drive further synergies in the London, Ontario market.
In 2021, Equiton’s portfolio of multi-residential rental units in Ontario has grown exponentially resulting in the tremendous growth of the Apartment Fund. This year alone, the Fund’s overall portfolio has grown from 1036 units to 1746 units, an increase of nearly 70%.
“This purchase brings us to $150 million in acquisitions this year and aligns with our ambitious growth and expansion strategy that will continue throughout 2021. We are proud to be further expanding our presence in the city of London with this well-situated downtown property,” said Jason Roque, Equiton Founder and Chief Executive Officer.
With this acquisition, Equiton’s Apartment Fund now comprises 24 properties in 12 communities across Southern Ontario. Equiton Living will manage the property.
Founded in 2015, Equiton is a recognized leader in private equity investments and is approaching half a billion in assets under management.