TORONTO, July 9, 2013 /CNW/ - David Goldstein and Jordan Rich of GoldRich Living ("GoldRich") are pleased to announce the completion of the sale by GRC (Waverly Estates) L.P. (the "LP") of 560 and 570 Waverly Street North, Oshawa, Ontario comprised of 53 rental townhomes (the "Property") at a sale price of $8,170,000.00. The LP acquired the Property on April 23, 2012 for a purchase price of $6,787,500.00. The transaction yielded an overall return on investment of 47% in less than 15 months. "We purchased a property with 17 vacancies and added significant value through the completion of the condominium conversion and the leasing up of all vacancies at market rents with an overall increase in revenues of 45% in a one year period" said Goldstein. "We continue to seek responsible "value-add" opportunities in growth markets".
About GoldRich Living
GoldRich was founded in 2010 by David Goldstein and Jordan Rich and is dedicated to acquiring "value add" income producing properties in mature and growth areas through limited partnerships. GoldRich owns and operates properties in Hamilton, Waterloo, Toronto and Oshawa.
SOURCE GoldRich Living