At the beginning of this year, we announced that investors were showing a high amount of interest in Building Capital and Podium Developments’ new condo, University Studios in Oshawa, thanks to the innovative SmartStudios™. Well, it seems like the interest was even higher than we thought because the condo is completely sold out!
When Phase 1 opened, it only took two weeks to sell out. Then Phase 2 opened and it sold out in just two days! So why would a mid-rise, contemporary condo sell out so quickly in Oshawa? Because of the rising land values and the building’s close proximity to two post-secondary schools.
“The quick sales result comes from the nearby campuses. University of Ontario Institute of Technology (UOIT) and Durham College currently aren’t committed to building more student housing so, University Studios gives students the option to live near the campuses,” explains Saqib Qureshi, Partner at Building Capital. “Our development, next to UOIT and Durham College, caters to the growing demand for student housing in Durham Region.”
Durham region is currently undergoing a population spike, and some areas are seeing appreciation rates as high as 15%! Getting in now with a smart investment makes sense, and since the starting price was so affordable, many investors and even first-time buyers leapt at the chance to either enter the market or add to their investment portfolio.
“As an investment, at $149,990, University Studios was the best deal in the GTA. The units are fully-managed by Varsity Properties and offer a hands-off real estate property,” says Bernard Luttmer, Director of Podium Developments. “All that combined with the three year Vendor Leaseback included with every unit, so it’s no surprise investors were quick to grab this opportunity.”
Leveraging the nearby campuses, Building Capital and Podium Developments worked with Wallman Architects to design the unique SmartStudios™. The design of the studios were inspired by the Director of Podium, Oskar Johansson and his studies in Sweden where he lived in a residence. “The concept, to provide all facilities in a very compact studio suite size, has become an international reality in cities such as New York and San Francisco, and has now arrived in the GTA,” says Johansson.
The SmartStudios™ came in three sizes; 274, 366, and 376 square feet. “We created a linear block containing storage, study area and European kitchen on one side, which freed up the remainder of the suite for the bathroom, table area and living space,” explained Rudy Wallman, Principal of Wallman Architects, when we took a closer look at the design of the SmartStudios™ earlier this year. “It’s incredibly functional with zero wasted space and provides maximum value for the price, and of course, creates the completely private environment these students now require.”
“I’m convinced that this will be a growing trend, especially here in the GTA,” added Wallman. “We’re becoming a vertical city as we’re simply running out of large areas for housing development, especially near universities where student housing is so limited. This concept appeals to a certain demographic and it is proving very popular.”
More from Building Capital and Podium Developments
We’ve received word that you can expect more innovative residential projects from Building Capital and Podium Developments. There is something exciting in the pipeline and we can’t wait to hear more and share the information with you!
Stay tuned - you don’t want to miss out on the next big opportunity offered by these two developers!