Harlo Capital and its partner identified an attractive opportunity to develop a 5-storey, 80-unit, 61,000 sf purpose-built rental project in Vancouver, British Columbia. The partnership secured four properties and a municipal lane totalling 0.53 acres at the corner of Stainsbury Avenue and Victoria Drive in the Kensington Cedar Cottage neighbourhood. Two SkyTrain stations within 850 meters connect this project to downtown Vancouver, Burnaby, New Westminster, and Surrey along the Expo Line. Other local amenities are concentrated 400 meters north at the 70-acre John Hendry (Trout Lake) Park, which features a freshwater beach, a community centre, a regular farmers’ market, an ice rink, playing fields, performing arts facilities, and walking trails. Construction began in the first quarter of 2021, and occupancy is expected to commence in Summer of 2023.
Harlo Capital and a partner acquired two multi-unit residential buildings located at 661-665 Huron Street in Toronto’s Annex neighbourhood. The partnership intends to improve and operate the current rental buildings and develop 6 units of laneway housing in the underutilized laneway at the rear of the existing buildings. This will help address the city’s rental housing shortage through an infill opportunity that features innovative re-imaging of space. The community also unlocks Toronto’s “missing middle”, which is the shortage of available housing options between single-detached homes and high-rise apartments/condominiums. The Annex neighbourhood is serviced by the Dupont subway station, borders the University of Toronto, and has long been known as Toronto’s student quarters. Land use approvals are in progress, with site plan approval expected by Q3 2023.
Harlo Capital and a partner currently own 0.6 acres of land at Weber St. and Scott St., a highly desirable urban location in downtown Kitchener. The property has a Walk Score of 97 and is conveniently located steps away from the ION Rapid Transit System, an $868-million public investment that simplifies travel and lowers transit costs for residents in Kitchener. The lack of supply for luxury rental options in Kitchener makes this project an attractive rental building opportunity that directly aligns with the needs of the municipality.
We achieved a 29% IRR and 2.46x Equity Multiple- February 2022.
Please visit www.thescott63.com for more information.