A Canadian real estate company is eyeing Toronto\u2019s soft condo market as it looks to buy $500-million worth of unsold units, starting with a $30-million \u201cbulk\u201d purchase steps from Toronto Metropolitan University.<\/p>\n
Jesta Group, based in Montreal, announced Tuesday its acquisition of the condos in the downtown core <\/a>as the first part of a 12-month strategy that will target more than 1,000 properties in the city.<\/p>\n The number of condos included in the purchase and their addresses were not disclosed.<\/p>\n In a news release, the company said that Toronto\u2019s current market environment has created a \u201cunique window to deploy capital at scale.\u201d<\/p>\n \u201cWe are aggressively pursuing opportunities that fit this investment ethos and encourage developers with qualifying inventory to reach out directly,\u201d Jesta Group\u2019s senior managing director, Anthony O\u2019Brien, said in a statement.<\/p>\n The firm said it is \u201cactively pursuing\u201d additional bulk acquisitions across \u201chigh-quality\u201d downtown Toronto locations. Their plans for the properties were not made clear in the news release.<\/p>\n The announcement comes at a time when condo sales in Toronto are plunging<\/a>.<\/p>\n