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Morguard's luxury towers offer up new rental space, which is scarce in Toronto. Just 830 new purpose-built rental apartments have been added to the market since 2009

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The Heathview apartment towers are located at 310 and 320 Tweedsmuir Ave. in Toronto’s Forest Hill neighbourhood. The sustainably-designed towers rise above St. Clair Avenue West and St. Michael’s College School. Here’s the view looking south toward downtown.

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Built by Morguard Corp., it’s “the first new development in mid-town Toronto to provide an alternative to condominiums in a prime location with historically low vacancy rates,” says Brian Athey, vice-president residential at Morguard.Geoff Grenville

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The 30-storey towers, designed by Page + Steele/IBI Group Architects, feature nearly 600 units: studio, one-, two- and three-bedroom luxury suites in sizes ranging up to 2,400 square feet.

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The company is upgrading its property with these 586 new rental apartments. It tore down two 1950s-era apartment towers on the same site which Mr. Athey says were at the end of their functional life.

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Morguard sees the towers as alternatives for renters who want the condo lifestyle, but don’t want to rent from a condo owner. Nearly one-third of condos in Toronto are rented out by their owners – which has meant that few new apartment towers have been built.

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According to the Toronto’s planning division, just 830 new purpose-built rental apartments have been added to the market since 2009. Condos rented on the secondary market by their owners have flooded into that gap.

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Morguard is taking a longer-term approach with these purpose-built rental buildings. Read the full story at the link below: Morguard makes towering reinvestment in Toronto rental market.

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