TORONTO, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Virtus Diversified Real Estate Investment Trust (VREIT) has announced the successful acquisition of Heritage House, a premier senior living community located at 2113 Gordon Street in Guelph, Ontario. The acquisition, valued at $5.05 million, geographically diversifies the retirement residence segment of the portfolio, and represents our commitment to enhancing the well-being and quality of life for seniors living in the province.
Heritage House
Heritage House is situated on a picturesque 1.72-acre site. This well-maintained facility has a rich history, dating back to 1975 when it was initially built as a student residence. It was converted into a Retirement Home in 1980.
Virtus Diversified REIT focuses on the acquisition of opportunistic, cash-flowing real estate. “This site is well positioned for growth with a current occupancy of 73.25%;” says Virtus President and CEO, Aurelio Baglione. “We plan to make immediate improvements and have retained Oxford Living to actively manage this site. We have a goal of increasing the NOI within the next 12 months, by prioritizing occupancy growth.” With 51 suites and 80 beds, Heritage House offers a range of accommodations, including studios and one-bedroom suites, supporting independent and supportive living.
Commitment to Quality
Virtus Diversified REIT is dedicated to preserving the legacy of Heritage House while enhancing its services and amenities to meet the evolving needs of its residents. We recognize the importance of maintaining the excellent condition of the facility and will continue to prioritize the comfort, safety, and well-being of all residents.
As part of our commitment, we anticipate modernization of the plumbing services within the next 3-5 years, ensuring the long-term sustainability and efficiency of the facility.
A Bright Future
The addition of Heritage House aligns seamlessly with Virtus Diversified REIT's mission to acquire quality properties in strong secondary markets across Canada and the United States. “We acquired this site with a low occupancy rate and the numbers still allow us to provide an annualized distribution to our shareholders of $0.75 per unit annually with a current subscription price at $9.98. We expect our NAV to grow as we increase value for our shareholders.” says Josh Will, Executive Vice President, Capital Markets, VREIT. As a component of the REIT, the property is expected to provide real estate sector diversification, cashflow, and unit value appreciation. This will be accomplished by boosting revenue for shareholders and optimizing costs and revenues.
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, Crown Corporation, BJ’s Wholesale Club, The Brick, No Frills, and Dollarama.
Contact Information
Josh Will
info@vreit.ca
www.vreit.ca
