Ontario company with "renoviction" history buys 178 Saint John rental units
CBC
A major purchase of 178 apartment and condominium units in Saint John by an Ontario–based rental company at prices more than double their assessed values is triggering new worries about the city's tightening supply of low cost housing.
Property records show Whitehall Apartments of Oakville, Ontario paid $11.52 million in December to buy units in 16 Saint John buildings that cater to low and moderate income renters
The acquisitions include a 71–unit property at 175 Britain Street in the south end and a 12–unit east side building at 100 Inverness Place.
Whitehall also bought 95 rentable condominiums in 14 buildings at the Forestview development in and around Coldbrook Crescent near Mystery Lake.
According to Service New Brunswick, the entire group of properties was valued by provincial assessors at just $5.08 million in 2021, less than half of what Whitehall has paid for them.
Saint John city councillor David Hickey said it is difficult to know whether to be excited or worried about an investment of that size in Saint John's low–end housing market, given increasing shortages in affordable apartments for low income residents
"It's tough because there's two sides of this coin," said Hickey.
"It's exciting to see the investment and someone taking a $12 million bet on Saint John. But at the same time, if it's not prioritizing the folks that have always been there, then we're in a challenging spot."
Whitehall owns 50 apartment buildings throughout Ontario, many in secondary markets with similarities to Saint John like Sudbury, Sarnia and Windsor.
The company is privately held and has made no public comment about its move into Saint John or any plans it might have for rent changes or renovations.
Calls and messages to Whitehall's head office and its chief executive Robert Kelava were not returned.
Lawson Property Management is looking after Whitehall's apartments in Saint John but its owner, John Lawson, said he has no information to share on whether the company is planning major or minor changes in the buildings it bought.
"I can't tell you any plans," said Lawson, "We're waiting for a directive."
The centrepiece of the Saint John purchase and of local concern is the building on Britain Street.
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