Oakville builder snaps up Hamilton residential land for $9 million

Oakville-based home and condo builder Rosehaven Homes has purchased 2.7 acres of residential land in Stoney Creek for $9 million, Hamilton’s largest commercial real estate transaction this week.

Burlington-based Silvestri Homes was the seller. The transaction amounts to $3.2 million per acre. 

“This price point suggests, at a minimum, a development of stacked townhouses,” wrote Alex Manojlovich, director of strategy and research at Forge and Foster Investment Management, in his latest newsletter. Forge and Foster is a private equity commercial real estate firm in Hamilton.

In addition, Hamilton-based property management giant Effort Trust bought a collection of mixed-use assets in downtown Hamilton for $4.15 million, or about $225 per square feet.

Both Effort Trust and Rosehaven Homes didn’t immediately answer requests for more details about the transactions.

On its website, Rosehaven Homes said it has built more than 9,000 homes and condos since it was founded in 1992.

Rosehaven Homes is currently selling properties for The Rebecca Condos in Hamilton that start at $400,000. It is pitching The Rebecca Condos as bringing “refined living to Hamilton’s metropolitan centre,” steps from the entertainment district on King William and the city’s largest green space.

Effort Trust noted it manages more than 11,000 residential apartment suites in more than 150 buildings in the Hamilton, Niagara and Kitchener-Waterloo regions.