TORONTO, Feb. 10, 2022 (GLOBE NEWSWIRE) -- Bluevale Capital Group ("Bluevale") is pleased to announce an $8.2 million acquisition of the former Queensway Hotel, marking its first multi-residential property in St. Catharines, Ontario. This historic 52-unit building will be revitalized as an apartment complex focused on providing affordable housing in the region.
Bluevale plans to bring the former hotel back to life by investing $2.6 million to upgrade the existing interior, the facade, and to add an additional seven units in the basement. The former hotel, adorning retro curved edges, converted into low-income housing in the late 1990s, and has seen a steady decline since. These renovations aim to improve and expand low-incoming housing in St. Catharines. Located at 8 Queenston Street, this building is Bluevale's largest, most ambitious investment in Ontario to date, and marks their first acquisition of 2022.
As Niagara Regional Housing amassed a 7,700-long waitlist for affordable housing, the Bluevale team plan to work with the city of St. Catharines to expand the supply in the region. "We've taken this project on as we felt that the building was underutilized. This improvement and conversion project will not only invigorate the building, but it will also provide more affordable housing opportunities for the community, which is something our team is passionate about," says Co-Founder and Managing Director of Bluevale, Jefferson Huang.
Huang is known for his contributions to the affordable housing market in Ontario and has received a 2021 Emerging Leader award from Chartered Public Accountants (CPA) Ontario for his work in this space. The Bluevale team believes in a community-forward vision and aims to bring growth to the St. Catharines region.
"We see a lot of opportunity for transit-oriented development in St. Catharines, especially in this area given its proximity to Brock University and the Go Transit Station. It is also well situated for students and employees of the area with various direct bus routes," expands Co-Founder and Managing Director Samuel Karamanis. "Additionally, we are looking forward to the Go Train service expansion to the Niagara region from St. Catharines that should be operational by 2023, creating better routes for employment in the region."
This acquisition is the fourth major multi-residential complex in Bluevale's portfolio. The team, based in Toronto, is working actively in its expansion plans throughout Ontario and has plans to enter other provinces and new markets with affordable housing and transit-oriented development throughout 2022.
ABOUT BLUEVALE CAPITAL GROUP
Bluevale Capital Group is a boutique investment management firm that specializes in the acquisition, management, and disposition of residential, commercial and other types of real estate assets. Founded in 2018, the firm has since opened a venture capital function to acquire ownership stakes of high growth start-ups, and offers advisory services to select clients within various industries. Bluevale was co-founded by Samuel Karamanis and Jefferson Huang whose collective background brings over 20 years of real estate, finance and consulting experiences.
Additional information is available at www.bluevalecapital.com.
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Managing Partner, Bluevale Capital Group
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