BST Canada has acquired a 122-unit apartment building in Toronto’s South Parkdale neighbourhood, continuing a rapid expansion of its multifamily real estate platform in the city.
The company confirmed the purchase of the 12-storey building at 30 Springhurst Ave., located near Lake Ontario and Exhibition Place, but did not disclose the purchase price. The building had come to market through Colliers in May with an asking price of $37.25 million.
Built in 1965 on just under one acre of land, the property was marketed as 99% occupied and includes a mix of 22 bachelor units, 77 one-bedroom suites and 23 two-bedroom suites. Colliers had positioned the building as a value-add opportunity, citing below-market rents, expected suite turnover, an active above-guideline rent increase application, and potential additional revenue from parking, lockers, laundry and underused interior space. Marketing materials estimated potential rent growth of about 34.5%.
Part of a Broader Buying Spree
The Springhurst Avenue purchase follows BST’s acquisition of three other Toronto apartment towers for $143.8 million in July, which together held 487 units. Those properties included addresses at 775 Steeles Ave. W., 8 Godstone Rd. and 640 Lauder Ave. With the latest deal added, BST’s Toronto multifamily portfolio now totals 609 units across four buildings.
The acquisitions are part of a partnership between BST, Phoenix Financial and Menora Mivtachim aimed at acquiring and upgrading Canadian multifamily properties. The institutional partners have committed roughly $160 million to the strategy.
Company Signals More Deals Ahead
Alaa Tannous, president of BST Canada, said Toronto remains an important market for the company and indicated further multifamily acquisitions are expected this year.
The deal comes as investors and developers continue to examine opportunities in alternative and specialized real estate segments across Canada, including multifamily housing.
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