AKELIUS CANADA LTD SELL 12 TORONTO PROPERTIES FOR $176.8 MILLION DOLLARS

ON SEPTEMBER 15, 2019 AKELIUS CANADA SOLD THE FOLLOWING PROPERTIES TO STARLIGHT INVESTMENTS LTD. FOR $176.8 MILLION DOLLARS.

PROPERTIES AKELIUS CANADA SOLD TO STARLIGHT INVESTMENTS SEPTEMBER 15, 2019

Here are the apartments that Akelius sold: Links to the profile page of each building offering further detailed information. PLEASE READ EACH PROFILE PAGE  TO FURTHER UNDERSTAND HOW AKELIUS CANADA LTD. ACHIEVED THE SALE PRICE FOR EACH PROPERTY.  

* 580 The East Mall: 122 units with an average size of 1,001 square feet. Thirty-seven percent of the suites have been renovated and the building has received capital expenditures of $3.8 million;

* 2701 Eglinton Avenue West: 49 units averaging 610 square feet. Sixty-one percent of the suites have been renovated and the building has received capital expenditures of $927,000;

* 2040 Eglinton Avenue West: 37 units averaging 690 square feet. Forty-nine percent of the suites have been renovated and the building has received capital expenditures of $600,000;

* 310-312 Lonsdale Avenue: 35 units averaging 665 square feet. Eighty-six percent of the suites have been renovated and the building has received capital expenditures of $1.1 million;

* 778 Broadview Avenue: 39 units averaging 370 square feet. Sixty-seven percent of the suites have been renovated and the building has received capital expenditures of $453,000;

* 260 Gamble Ave.: 26 units averaging 554 square feet. Seventy-three percent of the suites have been renovated and the building has received capital expenditures of $445,000;

* 338-342 Donlands Avenue: 36 units averaging 401 square feet. Forty-seven percent of the suites have been renovated and the building has received capital expenditures of $359,000;

* 5-9 Stag Hill Drive: 67 units averaging 747 square feet. Sixty percent of the suites have been renovated and the building has received capital expenditures of $900,000;

* 327 Chisholm Avenue: 20 units averaging 588 square feet. Forty percent of the suites have been renovated and the building has received capital expenditures of $183,000;

* 2367 Queen Street East: 24 units averaging 300 square feet. Fifty-eight percent of the suites have been renovated and the building has received capital expenditures of $705,000;

* 74 Curlew Drive: 112 units averaging 720 square feet. Twenty-four percent of the suites have been renovated and the building has received capital expenditures of $1.5 million;

* 2029-2055 Victoria Park Avenue: 60 units averaging 1,020 square feet. Thirty-three percent of the suites have been renovated and the building has received capital expenditures of $1.2 million.

NOTE:

Property located at 1420 Kingston Rd should be sold by the end of the month to a separate buyer.

The purchase price paid by Akelius for the twelve properties $89,900,000.00 Canadian
Cost of upgrades to properties $12,214,000.00 Canadian
Estimate on cost of renovating 294 apartments $4,998,000.00 Canadian

TOTAL INVESTMENT $107,112,000.00 Canadian.
SELLING PRICE $176,800,000.00 Canadian

On average Akelius held onto these properties for a period of five years before flipping them. 

Questions:

Why is the Landlord and Tenant board allowing applications of Above Guideline Increases (AGI's) and allowing increases in tenants rents when it is clear this corporate landlord is in the business of purchasing and flipping these properties? It is time to review what is acceptable when it comes to the AGI applications and what they were intended for.

A second question has to do with notices tenants received from Starlight Investments Ltd. and that is part of the notice indicates there will be ongoing renovations/construction to these building. These buildings were sold as having all "deferred maintenance completed".

(Deferred maintenance is the practice of postponing maintenance activities such as repairs on both real property (i.e. infrastructure) and personal property (i.e. machinery) in order to save costs, meet budget funding levels, or realign available budget monies. The failure to perform needed repairs could lead to asset deterioration and ultimately asset impairment. Generally, a policy of continued deferred maintenance may result in higher costs, asset failure, and in some cases, health and safety implications.)

Completed Deferred Maintenance Cost -
It was also stated these properties received $12,214,000.00 in structural and mechanical work said Mr. Betsalel in an article published in RENX April 29, 2019.  

What is Starlight Investments Ltd. trying to pull on the current tenants of these properties who have gone through years of disruptive construction harassment by Akelius Canada by sending out these notices indicating they too will try and find a way of getting rid of tenants who survived the harassment of Akelius? 

Will Starlight Investments Ltd try the same gameplay Akelius has done by creating havoc for the tenants paying a lower rent and submitting applications for AGIs? 

TIME TO PUT AN END TO THIS CORPORATE GREED AND HARASSMENT!

IT IS ALSO TIME FOR THE LANDLORD AND TENANT BOARD TO WAKE UP TO THE MISUSE OF THESE CORPORATE AGI APPLICATIONS.