why is RioCAN divesting some of their BRAND NEW APT BUILDS?so for anyone that knows riocan, for the past 3-4 years they have been "trying" their hand at purpose built apt rentals.
But more recently they have been selling 50% stakes in these buildings that they owned 100% of?
why??
is it for new projects? or are they finding out that apartement buildings are very costly to run.
The building that i worked at eCentral.
https://renx.ca/riocan-sell-50-stake-ecentral-eplace-rhythm-woodbourne/ has a HUGE resident turnover rate. 70% of the building's residents no longer live there anymore,
cost, building issues and constant construction drives them away,
the cost to repair these units and to replace they broken items. Fridges/ Stoves, washer dryer.
and the cheap building materials( which now they are finding out) has become very costly
TOO COSTLY..
so they are selling to recover some money.
They just sold half of 3 more
here read this..
https://renx.ca/bgo-buy-50-stake-3-riocan-gta-retail-apartment-property/ WHY???