Rental Property Investor Expands Toronto Portfolio With South Parkdale Acquisition
BST Canada acquired a 122-unit apartment building in Toronto's South Parkdale neighbourhood, bringing its multifamily platform to 609 units across four properties. The 12-storey lakefront-adjacent building at 30 Springhurst Ave. was previously marketed with potential for significant rent growth through below-market current rents and operational improvements. The purchase follows BST's earlier $143.8-million acquisition of three Toronto towers in July and is part of a partnership with institutional investors Phoenix Financial and Menora Mivtachim.
BST Canada's multifamily strategy has accelerated significantly within a matter of months. The company and its institutional partners—Phoenix Financial and Menora Mivtachim—committed $160 million toward acquiring and repositioning Canadian apartment buildings. The South Parkdale property represents their second major transaction this year, following a substantial three-building purchase in July that more than tripled their initial portfolio size.
The newly acquired building offers characteristics typical of value-add rental investments. Originally constructed in 1965, the property operates at near-full occupancy while maintaining rental rates below current market levels. Marketing materials highlighted multiple revenue expansion avenues through unit turnover, rate increases, and enhanced ancillary services, projecting approximately one-third potential rent growth.
This acquisition activity may influence Toronto's rental market dynamics. Institutional investor entry into multifamily housing can affect rent trajectories and tenant retention patterns. Conversely, renovations and operational improvements could enhance building conditions and services. The transaction's scale—part of a 600-unit portfolio expansion—suggests meaningful capital deployment in Ontario's residential sector, which could shape supply, pricing and investor competition in upcoming periods.