Exciting Developments from Dream Unlimited Corp.
Dream Unlimited Corp. (TSX:DRM) is thrilled to share key updates regarding its multi-family initiatives. The company has experienced significant growth in its portfolio and now offers a comprehensive overview of its ongoing efforts in the multi-family sector.
Recent Multi-Family Rental Projects
Over the past two years, Dream has successfully completed the development of over 1,650 multi-family rental units. These units are located in vibrant areas such as downtown Toronto and the company’s master-planned communities. Notably, Birch House, a 238-unit purpose-built rental development, recently welcomed its first residents. This building contributes to Dream's expanding portfolio of rentals in the Canary District, situated adjacent to Maple House, which has also opened its doors to new tenants, achieving an occupancy of 78% as of now.
Current Construction Projects
Dream Unlimited Corp. is advancing its commitment to multi-family rentals, with over 1,950 units currently under construction. This includes projects such as Cherry House located prominently in downtown Toronto, Odenak, and Block 204 at Zibi in Ottawa. Financing for these important developments has been secured through the Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program (ACLP), ensuring solid backing and support for the projects.
Growth in Brighton Community
The Brighton community in Saskatoon is also on the rise, with recent completions of The Teal and portions of Blocks 166 and JK further enriching the area with an additional 144 units. Presently, these latest developments are 93% leased, showcasing their popularity among residents. Dream plans to initiate construction on an additional 500 units in Brighton, as well as their first purpose-built rentals in the Alpine Park community of Calgary by 2025.
Future Expectations and Returns
Investors can expect promising returns from ongoing and future developments. Dream anticipates development and hold returns between 15-25% over a decade on its new Western Canada projects, emphasizing their role in generating substantial value for shareholders.
City Support for Development Projects
Recently, the City of Toronto announced an initiative to waive development charges on select projects to promote purpose-built rentals. Dream’s projects, which comprise a total of 2,500 units, benefit immensely from this decision, which enhances the viability of the ventures and expedites construction timelines. Detailed information about these initiatives will be shared during Dream Impact Trust's conference call.
Joint Venture for Multi-Family Investments
In an exciting move, Dream has launched a new institution-backed joint venture geared towards investing in multi-family property across Canada. By the end of January, this venture anticipated making its first acquisition, focusing on a portfolio of assets located in Toronto’s east end. This initiative, planning to invest as much as $2 billion, underscores Dream's commitment to expanding high-quality rental options across major Canadian markets.
Innovative Asset Management
This joint venture represents a pivotal step in Dream’s private asset management platform. With an expanding multi-family development pipeline acting as a catalyst for the growth of their income property division, this move illustrates the potential to leverage their expertise and continuously enhance value for institutional partners within the Canadian rental landscape.
Dream Unlimited's Track Record
Since launching its Canadian multi-family division, Dream has grown from 48 to an impressive 3,270 completed units, with thousands more currently under construction. As the company continues to build out its impressive pipeline, expectations for growth remain high.
About Dream Unlimited Corp.
Founded with a vision of creating exceptional office and residential developments in Toronto, Dream Unlimited Corp. has solidified its position as a key player in the real estate market. With a blend of stabilized income-generating assets in Canada and the U.S., Dream manages $27 billion in assets across various platforms. As urban development properties reach completion, the company looks toward generating increasing income while maintaining an innovative approach to investment opportunities.
Frequently Asked Questions
What recent developments has Dream Unlimited Corp. completed?
Dream has completed over 1,650 multi-family rental units in downtown Toronto and other master-planned communities in the last two years.
What new projects are currently under construction?
There are over 1,950 multi-family rental units under construction, including Cherry House and projects at Zibi in Ottawa.
How many units are expected in Brighton and Alpine Park?
Dream plans to build 500 units in Brighton and will also develop its first purpose-built rentals in Calgary's Alpine Park by 2025.
What are the anticipated returns on new developments?
The expected development and hold returns for new rentals in Western Canada are projected to be between 15-25% over 10 years.
What is the goal of the new joint venture?
The joint venture aims to invest up to $2 billion in high-quality rental properties across major markets in Canada.
