A Montreal-based real-estate company has snapped up $30 million of unsold condo units in downtown Toronto, with a plan to buy $500 million worth over the next year.
Jesta Group, a family-owned global real-estate firm, recently bought a portfolio of condos in bulk at a recently completed building near Toronto Metropolitan University, said Anthony O’Brien, the firm’s senior managing director.
O’Brien said he’s not able to speak about the details or reveal the name of the building due to a confidentiality agreement. But the plan is to hold the units as rentals until the market turns around, which they predict will happen in three to five years.
