True North Apartment Real Estate Investment Trust, through its subsidiary entity True North Limited Partnership, has acquired a residential complex comprised of 220 residential suites in three concrete mid-rise and low-rise buildings, and a townhouse complex built in 1980-81 on Trossacks Avenue in London, Ont. for a purchase price of $17.5 million.
Daniel Drimmer, the Chief Executive Officer of the REIT commented “We are very pleased to find such a quality property for sale on an off-market basis. The acquisition will provide our unitholders with stable and growing cash flows from a property that has historically demonstrated strong occupancy. The opportunity reflects Starlight’s track record of sourcing opportunities through its ongoing industry relationships and affiliates.”