Heathview apartment towers – a rare investment in purpose-built rentals
Morguard's luxury towers offer up new rental space, which is scarce in Toronto. Just 830 new purpose-built rental apartments have been added to the market since 2009
The Heathview apartment towers are located at 310 and 320 Tweedsmuir Ave. in Toronto’s Forest Hill neighbourhood. The sustainably-designed towers rise above St. Clair Avenue West and St. Michael’s College School. Here’s the view looking south toward downtown.
Built by Morguard Corp., it’s “the first new development in mid-town Toronto to provide an alternative to condominiums in a prime location with historically low vacancy rates,” says Brian Athey, vice-president residential at Morguard.Geoff Grenville
The 30-storey towers, designed by Page + Steele/IBI Group Architects, feature nearly 600 units: studio, one-, two- and three-bedroom luxury suites in sizes ranging up to 2,400 square feet.
The company is upgrading its property with these 586 new rental apartments. It tore down two 1950s-era apartment towers on the same site which Mr. Athey says were at the end of their functional life.
Morguard sees the towers as alternatives for renters who want the condo lifestyle, but don’t want to rent from a condo owner. Nearly one-third of condos in Toronto are rented out by their owners – which has meant that few new apartment towers have been built.
According to the Toronto’s planning division, just 830 new purpose-built rental apartments have been added to the market since 2009. Condos rented on the secondary market by their owners have flooded into that gap.
Morguard is taking a longer-term approach with these purpose-built rental buildings. Read the full story at the link below: Morguard makes towering reinvestment in Toronto rental market.