Multifamily Sector Keeps Humming Along
Some of the more interesting stories in the GTA are happening on the multifamily front. Take the deal that closed last week in the Yonge and Eglinton area: 77 Roehampton Ave, 81 units that went for $20.5M and was brokered by Colliers. According to RealNet's Richard Vilner, it was arecord-low cap rate of 3.4%--36% below the Q1 '13 record-low average for apartments throughout the GTA. The adjusted price per unit valuation of over $260k was 52% above the 12-month Toronto average. It's not the largest deal by dollar volume, he says, but a very good example of how yields continue to compress to all-time record levels.