What's Happening in Hamilton, ON…

An apartment complex in Hamilton’s east end has found a buyer.

The buildings, which are located at 11 and 40 Grandville Ave. and 50 Violet Drive, were purchased by InterRent Real Estate investment Trust, which is based in Ottawa. The total cost for the deal has been reported to be slightly lower than $51 million.

According to a news release from the company, the goal is to attract tenants who will be willing to pay a higher rate of rent through the firm’s repositioning program. They feel that the market in the city is quite strong, and that there will be people willing to pay the increased cost.

The repositioning efforts will include lowering the long term operating and utility costs, and increasing the rates of occupancy. It is felt that the complex’s location is close to rapid commuter transit systems and other conveniences that will make it an attractive place to live. A printing company will be able to create all the advertising and other promotional items that are needed to help let the public know that the units in the buildings are now on the rental market. These can be anything from signage to advertising Postcards that are sent out through the bulk mail system.

All together, the deal includes a total of four apartment buildings which contain two bachelor apartments, over 100 one bedroom units, 509 two bedroom suites and three that contain three bedrooms.

Get a Free Quote for Postcards