Winnipeg Free Press - PRINT EDITION

Two more apartment blocks bought up

Toronto company now owns five blocks here

  • Print

A Toronto asset-management company has reaffirmed its commitment to downtown Winnipeg with the acquisition of two Hargrave Street apartment blocks.

Timbercreek Communities, the property management arm of Timbercreek Asset Management, announced Friday it has purchased two three-storey, walk-up apartment buildings at 26 and 45 Hargrave for an undisclosed sum.

The building at 26 Hargrave has 18 suites, while the other has 16.

The acquisitions give Timbercreek five apartment blocks in the city. The others are two downtown highrise buildings at 160 Smith St. and 33 Hargrave, and another highrise tower at 15 Arden Ave.

Timbercreek Communities president Roly Morris told a Winnipeg news conference that when Timbercreek bought its first Winnipeg property -- the block at 160 Smith -- in 2010, "we saw a lot of potential in this city and we still see that potential."

He described Winnipeg as a healthy and growing market. He said Timbercreek is keen to acquire more apartment blocks here, especially downtown.

"There is a renewed vitality in downtown Winnipeg, and we feel we're getting in at a good time..."

Morris and Colleen O'Rourke, Timbercreek Community's regional manager, said the company looks for buildings that can be upgraded and are located in "up-and-coming" neighbourhoods like the downtown. O'Rourke said another area the company is interested in is the southwest part of the city.

"That's a primo development area and has been for the past decade," she said.

On Friday, the company also celebrated the completion of the final phase of renovations/upgrades to the 21-storey, 185-unit building on Smith, which is simply called "160 Smith Street."

Timbercreek bought the building from local developer B & M Land while it was still in the process of converting the former Sheraton/York the Hotel property into a luxury apartment block. Since then, Timbercreek has spent more than $10 million on further upgrades to the property, including the installation of new exterior cladding, windows and doors, and construction of a 176-spot parkade.

The final phase was the construction of a 6,500-square-foot amenities space and five new two-bedroom luxury apartments on the second floor of the building. The amenities space, called Club 160, includes a gym, fireside room, media room, snack bar, party room and games room.

O'Rourke said 160 Smith currently has a 10 per cent vacancy rate. Monthly rents range from $990 for a 700-sq.-ft., one-bedroom suite on a lower floor to just over $1,500 for a 1,200-sq.-ft., two-bedroom, unit on one of the upper floors.

murray.mcneill@freepress.mb.ca

Republished from the Winnipeg Free Press print edition November 23, 2013 B9

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Jim Flaherty remembered at visitation as irreplaceable

View more like this

Photo Store Gallery

  • Susan and Gary Harrisonwalk their dog Emma on a peaceful foggy morning in Assiniboine Park – Standup photo– November 27, 2011   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • Two Canadian geese perch themselves for a perfect view looking at the surroundings from the top of a railway bridge near Lombard Ave and Waterfront Drive in downtown Winnipeg- Standup photo- May 01, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

What are you most looking forward to this Easter weekend?

View Results

View Related Story

Ads by Google