750 Morningside Avenue
In 2015, SiteLine, along with our partners, acquired this 165-unit apartment building located at 750 Morningside Avenue in Scarborough, 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 create value through investment in the building’s infrastructure, operations as well as improved use of under utilized space.
SiteLine Transformation Program
Our work at 750 Morningside Avenue has focused on 4 main steps:
Step 1: 9 Additional rental suites created
Within 24 months of ownership, the under-utilized space was re-zoned, built-out and rented.
Step 2: Renovating Existing Suites
During our due diligence we identified that suites had not undergone any improvements for a long period of time. As units were vacated they were renovated.
Step 3: Utility optimization
Our updates significantly lowered utility consumption making the building more efficient with an improved carbon footprint.
Step 4: Updates to Building Exterior
The building was in need of replacement of its windows and balconies. This capital work was completed ensuring the building had an updated look and feel.
Overall, we were able to invest and transform this property resulting in an improved tenant experience as well as the creation of value for our investors.