TORONTO--(BUSINESS WIRE)--DREAM UNLIMITED CORP. (TSX:DRM) (“Dream Unlimited”) and DREAM IMPACT TRUST (TSX: MPCT.UN) (“Dream Impact” or the “Trust”) today announced that, together with Dream Impact Fund (the “Fund”, and together with Dream Unlimited and the Trust, “Dream”), they have acquired 912 apartment units located in the City of Toronto for an aggregate gross purchase price of approximately $378 million.
Dream Unlimited, The Trust and the Fund have each acquired a 33% interest in the apartments.
The Properties
Dream acquired Weston Common, a two-tower, 841-unit, mixed-use apartment complex. The property is comprised of 22 John Street, a 369-unit, class-A, purpose-built rental building completed in 2019, a 472-unit, apartment building completed in 1974, 42,000 sf of fully leased commercial space, and an 8,800 sf community hub occupied and programmed by Artscape, a non-profit with a mission to make space for creativity and transform communities. Weston Common currently includes 53 affordable housing units and 26 live/work artist studios and Dream’s intention is to increase the number of affordable units provided on site as per CMHC’s definition of affordable rent for the area. The Trust also acquired an interest in 262 Jarvis, a 71-unit, Art Deco style apartment building located near Ryerson University.
Michael Cooper, Chief Responsible Officer of Dream Unlimited and Portfolio Manager of Dream Impact said, “The successful acquisition of these apartments accelerates the growth of our income property portfolio and increases the proportion of our assets that generate recurring income.”
Dream Unlimited and the Trust are also pleased to announce that they have a 228-unit, multi-building, portfolio of multi-family assets located in Toronto under contract. The ownership structure is expected to mirror Weston Common and 262 Jarvis.
Creating Impact in Existing Apartments
Dream will implement specific initiatives from each of its three impact verticals (Affordable & Attainable Housing, Environmental Sustainability & Resilience, and Inclusive Communities) at each property. More specifically, Dream intends to pursue decarbonization and building modernization retrofits at each building to reduce the greenhouse gas emissions by 15% within the first three-years of ownership. Dream also intends to implement social programming to provide tangible support for the community and its residents. More details on our impact commitments, key performance indicators, and ultimately our performance in delivering on these initiatives will be detailed in our 2022 Dream Impact Report.
Trustee Retirement
Michael Tsourounis, who joined the Trust’s Board of Trustees in 2019, has advised that he will be retiring from the Board in November 2021 in order to focus on other business activities. The Board of Trustees of Dream Impact sincerely thanks Mr. Tsourounis for his contribution and wishes him success in his future endeavors. "I would like to personally thank Michael for his insights and counsel during his tenure," said Amar Bhalla, Chair of Dream Impact.
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