TORONTO, June 04, 2025 (GLOBE NEWSWIRE) — Virtus Capital Corporation, the asset manager of Virtus Diversified REIT (VREIT) is pleased to announce the acquisition of Nickel District Apartments, a 114-unit apartment building located in Sudbury, Ontario. This strategic move significantly enhances the multi-family residential segment of the REIT’s portfolio and reinforces its commitment to quality diversified real estate investments.
Nickel District Apartments, at 323 Second Avenue, is a wide walk-up style building offering a diverse mix of units to cater to various tenant needs. The property features 1 bachelor unit, 22 one-bedroom apartments, 87 two-bedroom units, and 4 three-bedroom suites.
“We are thrilled to add Nickel District Apartments to our growing portfolio,” said Aurelio Baglione, CEO of Virtus. “This acquisition aligns perfectly with our strategy of identifying properties with strong fundamentals and potential for value appreciation. The current Net Operating Income aligns with our target yield for investors, while the 21% gap-to-rent presents an excellent opportunity for revenue upside, which we aim to capitalize on responsibly.”
The property boasts several attractive features such as varied suite styles, including townhouse-style units with separate entrances, terraces, balconies, high ceilings, and some units with two bathrooms. It also features a prime location near major national retailers such as Best Buy, Costco, and Home Depot, enhancing its appeal to tenants.
According to Zumper.com, as of April 2025, the median rent for all bedroom counts and property types in Greater Sudbury is $1,899, reflecting a significant increase of 19% over the previous year. This upward trend in rental prices underscores the strong demand for quality housing in the area.
Virtus Diversified REIT acquired Nickel District Apartments for $24.35 million. Additionally, the financing for this acquisition will be secured through CMHC-insured mortgages, allowing for favorable mortgage rates that enhance cash flow and overall returns.
“Nickel District Apartments is an excellent addition to our multi-family portfolio,” commented Josh Will, President of Virtus. “Its strategic location in Sudbury, combined with the potential for increased occupancy, makes it an attractive long-term investment for our unitholders. Our path to growth is not finished yet. We have made it our goal to acquire strong properties from weak hands, and we expect to make some more exciting announcements in the coming months.”
Virtus Diversified REIT remains committed to building a resilient and diversified portfolio of quality real estate assets across Canada. This acquisition reinforces the REIT’s position as a reliable asset manager in the multi-family residential sector and highlights its focus on properties with sound fundamentals and growth potential.
For more information about Virtus Diversified REIT and its investment opportunities, please visit www.vreit.ca.
About Virtus Diversified REIT
Virtus Diversified REIT is focused on acquiring quality properties in strong secondary and tertiary markets across Canada and the United States. The company’s goal is to build a strong and stable commercial, industrial, retail, and multi-unit residential portfolio, enhancing overall portfolio incomes by diversifying the tenant base and geographic diversity. The long-term goal is to maximize the unit value with ongoing management through future acquisitions, repositioning, and competitive financing.
Some of Virtus Diversified REIT’s anchor tenants include companies such as Crown Corporation, BJ’s Wholesale Club, The Brick, No Frills, Walmart and Dollarama.
Contact Information
Josh Will
info@vreit.ca
www.vreit.ca
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f14c9f0c-e9bb-45dd-9134-dc7277b00b1b
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