PrimeCorp brokers $281M multi-res deal

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Ottawa-based PrimeCorp Commercial Realty Inc. brokered the sale of several multi-residential properties in Toronto for a value of $281 million.

The brokerage firm, acting as advisor to Elad Canada, sold six 17-storey buildings and two seven-storey buildings near the Don Valley Parkway and Highway 401.

Homestead Land Holdings Ltd. bought the properties, which include 1,670 rental units.

Primecorp calls the deal ““the largest single asset, multi-family sale in Canadian history.”

Primecorp was founded in 1998 and has worked with over $4.5 billion in investment and leasing transactions since then, according to the company’s website.

Some of the major deals include the sale of five Mississauga properties in 2011 for an undisclosed price, as well as closing three deals in one quarter that year that totalled $100 million.