Karma Condos will be a sleek new tower located at 21 Grenville Street (Yonge and College) and designed by none other than architectsAlliance. The building is going to be HUGE. With around 10 units per floor and either 46 or 52 storeys (depending on what gets approved), this one will be a monster condo tower in the heart of downtown.
This building is very investor friendly. The suite mix is mostly smaller suites and this area is the perfect storm for rental properties. Yonge and College is arguably the best spot in the entire downtown core to own a condo if you are an investor. Why?
- You are steps away from the Yonge subway and streetcar
- EquidistantÃ‚Â from the two major Universities downtown: UofT and Ryerson, meaning you have a massive pool of potential student renters every year
- Walking distance to the financial district as well as the hospital district, meaning you have a massive pool of potential young professional renters every year
- Most importantly, area buildings like College Park (Bay and College) and The Met (Carlton and Yonge) command some of the highest rental rates of any building downtown. Bidding wars for rentals in this area is quite common! Here is a sample of what some units have rented for recently at College Park for example: Studio-$1380/month, 1 bed-$1900/month, 1+den-2250/month and 2 bedrooms-$2800/month
Besides all this, the two developers who are partnering on the project are both top-notch. Lifetime has launched several projects downtown in the past year including: The Bond, Bisha, The Yorkville, and Centrecourt is a new company headed up by Andrew Hoffman (formerly of Menkes) and have enjoyed tremendous success with Peter Street condos.
If you are interested in buying a suite at this fantastic investment building, please contact me to register for the VIP sales event coming this month!