Thu. May 19th, 2022

A partnership between three Dream units has purchased the Weston Common apartment and the mixed-use complex on John Street in Toronto. (Google Maps)

Three Dream units have closed the purchase of two Toronto apartment properties, comprising 912 units, for $ 378 million. The partners also have another Toronto acquisition under contract.

The acquisitions of the 912 apartments were originally announced during the summer, but at the time, Dream did not provide further information about the properties. The sites are Weston Common, a two-tower mixed apartment complex with 841 units and a smaller building at 262 Jarvis St.

The properties were acquired in a joint venture between Dream Unlimited Corp. (DRM-T), Dream Impact Trust (MPCT-UN-T) and Dream Impact Fund. Each of the units has a third of the share in the portfolio.

“The successful acquisition of these apartments accelerates the growth of our income real estate portfolio and increases the share of our assets that generate recurring income,” said Michael Cooper, CEO of Dream Unlimited and portfolio manager for Dream Impact, in the announcement.

Dream Unlimited and Trust also has a 228-unit, multi-building portfolio of multi-residential assets in Toronto on contract. The ownership structure is expected to reflect Weston Common and 262 Jarvis.

Dreams Weston Common acquisition

Weston Common consists of 22 John St., a 369-unit, Class-A, custom-built rental building completed in 2019, as well as an apartment complex of 472 units completed in 1974, 42,000 square feet of fully rented business area and a community hub of 8,800 square feet occupied and programmed by Artscape, a non-profit community organization.

It includes 53 affordable housing and 26 living / work artist studios.

Weston Common won the BILD award for best new planned community in 2017.

Dreams’ intention is to increase the number of affordable units delivered on site according to CMHC’s definition of affordable rent for the area.

It has also committed itself to “implementing specific initiatives from each of its three impact verticals (affordable and affordable housing, environmental sustainability and resilience and inclusive communities) on each property).”

Included among the plans is decarbonization and modernization of building modernizations to reduce greenhouse gas emissions by 15 percent within the next three years.

It also plans to implement social programming and other support for the community and its residents. Details must be included in the 2022 dream Impact report.

262 Jarvis is an Art Deco-style apartment complex with six floors and 71 units located near Ryerson University.

About Dream Unlimited and Dream Impact Trust

Dream is a Toronto-based developer of office and residential assets that owns stabilized revenue-generating assets in both Canada and the United States and has an asset management business.

The company has $ 12 billion in assets under management across three TSX-listed trusts, its private asset management business and partnerships.

Dream is also developing land and residential assets in western Canada.

Dream Impact Trust is an open trust dedicated to power investing.

Dream Impact’s underlying portfolio consists of real estate assets reported under two operating segments: development and recurring income.

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