929 Queen Street East
By:
Core Development Group
Core Development Group and Woodbourne Capital’s 929 Queen Street East project offers affordable co-living units with all-inclusive pricing, ready for construction in October 2024—an exceptional investment opportunity in a high-demand market.
Location
Ontario
Risk Profile
Moderate-High
N/A
Min. investment
$25,000
Investment Strategy
Opportunistic
ARR
31% IRR
Horizon
32 Months
Introduction
Core Development Group and Woodbourne Capital are developing a 9-storey, mixed-use co-living residential building, comprised of 71,573 SF in gross area containing 70 residential units / 167 beds (30 private suites / 137 co-living beds) and 2,122 SF of retail at grade, located at 929 Queen Street East in Toronto. The project is fully approved and construction ready.
Key Reasons to invest
Proven Track Record
Core Development Group has a strong history of managing and executing residential multifamily projects across the Greater Toronto Area, with over $2.3 billion in development.
Prime Location
Situated in the vibrant Leslieville neighborhood, just ~4km east of downtown Toronto, the project benefits from convenient access to essential amenities, transportation, and local attractions.
High Return Potential
With a projected IRR of 31%, this opportunity offers the potential for robust returns and enhances the performance of your investment portfolio.
Sustainable and Inclusive
The development provides affordability through its co-living format and minimizes environmental impact with its efficient energy systems and construction practices. The project will provide a low carbon footprint via highly efficient energy systems (geothermal heating and cooling) and construction (low carbon materials, steel vs concrete construction) offering robust Environmental, Social and Governance (“ESG”) credentials.
Project Overview
The project is designed as a co-living rental which provides an all-inclusive housing supply at a 20-30% discount (trended rent) to traditional studio rentals. Rents are inclusive of additional services such as WiFi, in-suite cleaning, and all utilities.
The project will provide a low carbon footprint via highly efficient energy systems (geothermal heating and cooling) and construction (low carbon materials, steel vs concrete construction) offering robust Environmental, Social and Governance (“ESG”) credentials.
The project has been fully approved and is construction ready. The timeline of the project anticipates 23 months of building development and 8 months of occupancy. Projected profit for the project is $3.3M on a $3.1 investment for a total return of $6.4M. Total Return on Equity of 106%; Equity Multiple: 2.1x; IRR: 31%
Location
The property will be situated in Leslieville (4 kilometers from downtown Toronto) with convenient accessibility through the upgraded 501 TTC streetcar service. Along with the upcoming developments of the Ontario Line Subway, this will further expand transit access to the already well-served Leslieville area.
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Developer Overview
Core Development Group Ltd. is a Toronto-based real estate development company. Acting on behalf of our investors and for our own account, Core actively sources, capitalizes, develops and manages a wide range of real estate projects. We also offer a comprehensive range of development and project management services to our clients and joint venture partners.