Hazelview Looking To Sell Bloor West Rental Site With OLT-Approved Infill Plans

Hazelview Properties is putting its Etobicoke rental site at 4340 Bloor Street West up for sale, offering a unique opportunity for investors. The property currently features a 15-storey apartment building with 86 units, over 96% of which are occupied. Hazelview has secured Ontario Land Tribunal (OLT) approvals for an infill development that includes a 13-storey and a 4-storey building, adding nearly 300 new rental units to the site.

Since acquiring the property, Hazelview has invested over \$4.6 million in upgrades, including renovations to 36 units, building system enhancements, a new roof in 2024, and balcony restorations in 2019. The common areas, such as the lobby and hallways, have also been modernized. Despite these improvements, the average rent remains at \$1,911, which is about 43.5% below the market rate of \$2,743, indicating potential for income growth as units turn over.

The approved development plan envisions a total of 297 new units, comprising three studios, 133 one-bedroom, 119 two-bedroom, and 42 three-bedroom apartments. The project also includes 462 parking spaces across three levels of underground parking. Importantly, the existing 15-storey building will be retained, ensuring current residents are not displaced during the expansion.

Hazelview faced challenges in gaining approval for the development, including community concerns about building height and the lack of larger unit sizes. After revisions and negotiations, the proposal received OLT approval in October 2023, three years after the initial application was filed in December 2020.

Located near Highway 427, Kipling GO Station, Cloverdale Mall, and CF Sherway Gardens, the site offers excellent transit access and proximity to key amenities. Hazelview's Chief Investment Officer, Michael Tsourounis, highlighted the property's strong performance and potential for future densification without displacing existing residents.

Colliers is handling the sale, with inquiries directed to brokers Steve Keyzer and Alex Holiff. Interested parties are encouraged to submit a Letter of Intent to express their interest in purchasing this income-generating property with approved plans for expansion.