ELAD Canada completed the sale of the Parkway Forest Asset, 1,670 residential suites in Toronto to Homestead Land Holdings Limited for $281 million.
The acquisition comprised eight quality multi-residential properties consisting of six 17-storey buildings and two 7-storey buildings. The buildings feature 1,670 rental units strategically located near DVP and Highway 401 within Toronto.
ELAD Canada is one of the leading real estate companies in Canada, based in Toronto and publicly traded in Israel with a portfolio that includes condominium developments, multi-residential rental properties, seniors' housing, industrial and office buildings in Canada and the US.
Homestead Land Holdings Limited, based in Kingston, Ontario, is one of Canada's largest privately held multi-residential companies.
Founded in 1954, Homestead has grown to incorporate over 23,000 rental suites.
Homestead was represented by Richard McNevin of Soloway Wright LLP.
ELAD Canada was represented by Eric Carmona and Nili Birshtein of Stikeman Elliott LLP.
FCT provided commercial title insurance for both the purchaser's and lender's interests in these properties.