TORONTO, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Virtus Diversified Real Estate Investment Trust (REIT) is excited to announce its pending acquisition of a modern multi-residential apartment building located in the scenic town of Parry Sound. The pending transaction has been valued at $22.28 million, further solidifying Virtus Diversified REIT's commitment to expanding its diverse real estate portfolio. The strategic purchase of this property is expected to close in November, 2023, and increases the portfolio size to $59 million AUM based on purchase price.
Virtus Diversified REIT has updated offering documents to reflect the most recent acquisitions and is actively promoting the investment opportunity, seeking to raise capital through partnerships with financial professionals.
Parry Sound Place
Located at 10 Mall Drive in Parry Sound, Parry Sound Place is a new (2021) modern apartment complex, reflecting Virtus Diversified REIT's dedication to maintaining and enhancing high quality properties. The building features 70 modern and well-appointed one-bedroom, two-bedroom, and bachelor units, catering perfectly to students, seniors, working professionals, or small families. In addition, there are 3 commercial units. The units are currently 95.7% leased.
The building is centrally located and has amenities within walking distance including Tim Hortons, No Frills, Hart, Subway, and Home Hardware. Canadore College is a 7-minute walk from the complex.
As part of the UNESCO Georgian Bay Biosphere Reserve, Parry Sound is known for being located adjacent to the world’s largest freshwater archipelago, Georgian Bay’s 30,000 Islands. The area features plentiful shoreline hiking trails and the world’s deepest natural freshwater port. The location offers breathtaking views of Parry Sound’s natural beauty while providing convenient access to local amenities, schools, and recreational facilities.
With this acquisition, Virtus Diversified REIT continues its mission to enhance the communities it invests in, creating lasting value for both residents and stakeholders.
“This property was re-developed over the last 7 years and severed from the enclosed mall. I oversaw its transformation from a vacant grocery space to an upscale, modern 70-unit apartment building.” stated Aurelio Baglione, Trustee of Virtus Diversified REIT. “The reception to this project has been outstanding - we were fully leased prior to final completion. This property purchase aligns perfectly with the goals of the REIT: a quality product with sustainable cash flow.”
Virtus Diversified REIT's experienced management team positions the company for continued success in identifying and acquiring properties that align with its investment strategy. The pending acquisition in Parry Sound is another accretive step towards achieving the REIT's long-term growth objectives.
For more information about Virtus Diversified REIT and its investment opportunities, please visit www.vreit.ca.
About Virtus Diversified REIT
Virtus Diversified REIT is focused on acquiring quality properties in strong secondary and tertiary markets across Canada and the United States. The company’s goal is to build a strong and stable commercial, industrial, retail, and multi-unit residential portfolio, enhancing overall portfolio incomes by diversifying the tenant base and geographic diversity. The long-term goal is to maximize the unit value with ongoing management through future acquisitions, repositioning, and competitive financing.
Some of Virtus Diversified REIT’s anchor tenants include companies such as TD Bank, The Brick, No Frills, Anytime Fitness, and Dollarama.
Contact Information
Josh Will
info@vreit.ca
www.vreit.ca
