TORONTO – Global real estate firm Jesta Group has announced the acquisition of a bulk condominium portfolio in Toronto valued at $30 million in a bid to buy up unsold units.
“The transaction — one of the first of its kind in the city — marks Jesta Group’s entry into the Toronto residential market and the launch of a $500 million acquisition program targeting more than 1,000 condominium units over the next 12 months,” a release reads.
The acquired portfolio is located near Toronto Metropolitan University and walking distance to transit, shopping and recreation. Its exact address was not revealed in the release.
Jesta Group states it is actively pursuing additional bulk acquisitions of existing developer condominium inventory across downtown Toronto locations, partnering with select family offices and institutional investors.
“Toronto’s fundamentals remain strong and the current market environment has created a unique window to deploy capital at scale,” said Anthony O’Brien, senior managing director at Jesta Group, in a statement. “We are aggressively pursuing opportunities that fit this investment ethos and encourage developers with qualifying inventory to reach out directly.”
