Chatham’s first affordable luxury rental property in 30 years has come up for sale.

Owned and developed by prominent Southwestern Ontario developers Piroli Group, Park Place is located at 550 & 570 Park Avenue West in Chatham. The 231-unit complex was completed in 2022 and is at 100% occupancy.  

Piroli has turned to Colliers to represent and market Park Place led by Alexander Silver, Tut Ruach, and Steven Fontes.

Piroli began developing Park Place Luxury Rentals in two phases, launching Phase 1 with 121 units in October 2021, and Phase 2 with 110 units in 2022. This four-storey, open-concept, multi-family complex is well-designed with upscale finishes, offering one bedroom, one plus den, and two-bedroom suites ranging in size from 700 square feet to over 1,000 square feet.

Sitting between Windsor and London, near the U.S. border, Chatham-Kent is a key player in Canada’s agricultural and industrial sectors, dominating key grown-at-home products like brussels sprouts, black tobacco, cucumbers, pumpkins, seed corn, and tomatoes. With a population of over 100,000 residents within a 30-kilometer radius, the employment rate sits at around 90% fueled by agriculture and agri-food, manufacturing, information and communications technology, education, and health care.

“There was a significant gap in Chatham for affordable luxury in the rental market, so we worked with city officials and industry leaders to design a site plan that would set the premier standard,” said Rob Piroli, President, Piroli Group Developments. “With our 32 years of experience as builders and developers in Southwestern Ontario, it has come time to turn our focus back to development and allow a new owner to take the helm at Park Place.”

Being a new construction purpose-built rental, Park Place has no immediate capex requirements. The complex features numerous amenities, including an outdoor salt-water pool, fitness centre, common/party room, barbeque and lounge. Additionally, units are individually titled with in-unit laundry, suite-controlled thermostats and rent inclusive of heat, hydro, water and gas.

“This investment offers a compelling opportunity with substantial, existing rental income,” said Alexander Silver, Associate Vice President, Colliers Southwestern Ontario. “With high occupancy rates and the potential for rent growth in the competitive Chatham rental market, Park Place Luxury Apartments represents a secure and stable, high-return investment in an area that is rapidly appreciating.”

Alexander Silver is a multi-family commercial real estate expert with over a decade of acquisition and disposition experience focusing on multi-family properties, commercial properties and mixed-use re-development land in Ontario. He reduces risk for private and institutional investor-clients while maximizing value. His team, Tut Ruach and Steven Fontes are real estate veterans with over two decades of combined experience.

Interested investors can submit an offer through a purchaser’s letter of intent or agreement of purchase and sale to Alexander Silver at alexander.silver@colliers.com. Once a confidentiality agreement is signed, access will be granted to a data room with detailed information to address any questions and conditions.