10 Garfella Drive
In 2018, SiteLine, along with our partners, acquired this 148-unit apartment building located at 10 Garfella Drive in Toronto, Ontario at a discount to replacement cost. The property had been overlooked by the previous owner for a considerable amount of time resulting in an opportunity to make strategic investments in order to improve the tenant experience and financial performance of the building.
SiteLine Transformation Program
Our work at 10 Garfella Drive has focused on 4 main steps:
Step 1: 5 Additional rental suites created
Within 18 months of ownership, the under-utilized space was re-zoned, built-out and is now rented.
Step 2: Renovating Existing Units
During our due diligence we identified an opportunity to renovate units that had been left unimproved for many years. As units turnover, we are renovating them.
Step 3: Utility optimization
Our updates significantly lowered utility consumption making the building more efficient with an improved carbon footprint.
Step 4: Development of additional density
Our third party feasibility study supports the development of 2 additional buildings, totaling 175,000 square feet of additional residential space.
Overall, we have been able to invest and transform this property resulting in the creation of value for our investors.