Homestead Land Holdings Ltd., has acquired The Diplomats, a two-tower apartment complex in Burlington, Ont., from GWL Realty Advisors (GWLRA) as the firm continues recycling capital into its new development projects.

The 55-year-old buildings sit on a 5.67-acre waterfront site along Lake Ontario in the city located just west of Toronto in southwestern Ontario.

The 10-storey buildings offer a combined 203 one-, two- and three-bedroom apartments. Located at 5166 and 5170 Lakeshore Rd., the property also has 294 underground and surface parking stalls. 

RENX has made inquires to both Homestead and to GWL Realty Advisors for additional comment.

Financial details of the transaction were not immediately available.

“Our key investment strategy focuses on disposing of non-core assets and reinvesting capital into core holdings and newer generation, urban, income-producing properties,” GWL Realty Advisors senior vice-president of multiresidential Erica Penrose told RENX for an earlier article about the buildings being put up for sale.

“This approach aims to enhance long-term performance by diversifying our assets under management with a complement of new development opportunities with potential for high risk-adjusted returns.”

Details about The Diplomats

The buildings were marketed by TD Cornerstone Commercial Realty, and were attractive to potential buyers for a number of reasons, including their long-term institutional management and the larger size of the individual apartments when compared to many more modern buildings.

The average unit size is 1,056 square feet. The Diplomats was 97 per cent occupied and 39 per cent of the units had been renovated when the property was posted for sale earlier this year.

There is also zoning in place to allow infill development for additional apartment or townhome units on some of the landscaped grounds. 

Homestead is a Kingston-based apartment developer, owner and operator celebrating its 70th year in business - the company was formed in 1954. It's portfolio currently comprises more than 26,000 apartments in locales across Ontario.

The sale of The Diplomats follows other recent GWLRA dispositions of the Panorama Court, Signature Place and Concord Tower apartment properties in Edmonton.

GWL Realty Advisors developing new apartments

Penrose told RENX much of those proceeds are being invested back into new development. GWLRA's current project pipeline is expected to deliver close to 3,500 units by 2030.

GWLRA is leasing-up three developments: One Eighty Five in Mississauga, The Livmore Westboro Village in Ottawa and Le Livmore Ville-Marie II in Montreal. 

• One Eighty Five at 185 Enfield Place is a 35-storey building with 365 units located within walking distance of Square One Shopping Centre; 
• The Livmore Westboro Village incorporates a 26-storey tower, podium and low-rise townhomes that provide 336 units plus retail space at Scott and McRae streets in Ottawa's growing Westboro district;.
• Le Livmore Ville-Marie II is a 46-storey, 429-unit highrise with ground-floor commercial space beside GWLRA’s Le Livmore Ville-Marie tower that welcomed its first residents in 2022.

GWLRA just kicked off construction for a 219-apartment development in Calgary, and is developing a six-storey, 91-unit building at 1555 Robson St. in Vancouver.

It has submitted a rezoning application in Vancouver for 1296 Station St., refocusing that project to construct two multi-family towers of up to 28 storeys over a podium containing retail and office space. It proposes approximately 400 apartments.

Finally, GWLRA has approval from the City of North Vancouver for a six-storey, 91-unit apartment at 140 W. 19th St. in the Central Lonsdale neighbourhood. That would redevelop an existing smaller multifamily property.

- With files from Steve McLean