The OpArt Lofts, located in the Kerr Village neighbourhood of Oakville, Ontario, is planned to be a 201-unit residential property expected to open in 2018. As the wealthiest suburb in the Greater Toronto Area, Oakville attracts residents looking for comfort and luxury with easy access to downtown Toronto. Ideally-located, OpArt Lofts is around the corner from trendy Kerr Street, lined with parks, shops and restaurants and is a 7 minute walk to the Oakville GO Station which has frequent train service to downtown Toronto’s Union Station, a trip that takes only 21 minutes. OpArt Lofts will also have easy access to the QEW highway which is approximately a 30-minute drive away from downtown Toronto. OpArt Lofts will target people seeking to settle in an affluent, family-friendly and bustling neighbourhood.
The building features a stunning modern design consisting of two, eight-storey towers atop a two-storey podium. Designed by the acclaimed firm of Teeple Architects, two white towers spangled with black-framed windows in jaunty patterns reflect the eye-popping OpArt painting style of the 1960s.
Inside, the vibrant OpArt visuals extend to the open concepts, spacious designs, quality finishes and appliances in every residence. Residents will experience the conveniences of the concierge service, party room and office space, fully-equipped fitness facilities, comfortable lounges and attentive property management.
Ideal Location – OpArt Lofts is located in the Kerr Village neighbourhood of Oakville, one of North America’s fastest growing regions. Residents will be close to vibrant shopping and business districts, with easy access to schools, parks and recreation. The property has direct vehicular access to the QEW highway and is a 7 minute walk to the Oakville GO Station commuter station.
Limited Supply – Oakville has a significantly low rental density of 2.44 apartment units per 100 people and vacancy rates are among the lowest in the GTA at 1.40%.
Lack of Competition – Between 2010 and 2014, Oakville added just 22 units of apartment housing to its stock (4,732 units or 2.44 units per 100 people), and no new apartment buildings have been built in decades.
Reduced Development Risk – The Town of Oakville has approved rezoning, clearing development hurdles relating to density or other planning approvals. Prior to construction a Guaranteed Maximum Price (“GMP”) contract with one of Canada’s largest multi-family residential builders will be in place.
- Lack of apartment units in Oakville (2.44 units per 100 people)
- Added just 22 apartment units between 2015 and 2016
- CMHC 2016 Rental Vacancy Rate: 1.1%
- CMHC 2016 Oakville rent growth 3.5%
- Between 2011 and 2015, the Halton region (home to Oakville) was the fastest growing region in the GTA
- Diverse local economy with a focus in advanced manufacturing, life sciences, professional services, and digital media and animation
- New rental inventory commands a 29% ($0.56 PSF) premium over old inventory