20 Bradmon Dr., in St. Catharines. (Courtesy Richmond Asset Mgmt.) Richmond Asset Management is growing in southwestern Ontario, making its way into the Niagara Region by purchasing a 79-apartment building in St. Catharines. Based in Toronto, Richmond has mainly concentrated on the Windsor-Essex and Sarnia-Lambton areas while developing its multifamily portfolio. The latest purchase, which was finalized on Tuesday, is the Capri Apartments located at 20 Bradmon Dr., a property built specifically for rental purposes. “The property aligns with our strategy of acquiring properties in great locations, well below replacement cost and with an ability to add value,” Richmond managing partner David Barry said in the announcement. “The Niagara region is well positioned for long-term economic growth, benefiting from a diversified economy, an attractive quality of life, and easy access to the GTHA and the U. S. border,” added managing partner Aly Somani. Financial details weren’t disclosed. The property was previously managed by Toronto-based 17A Properties, which owns several mid-sized apartment buildings throughout the GTA and southwestern Ontario according to its website.
The acquisition and Richmond’s strategy
Capri Apartments boasts what the announcement describes as “large livable suites with a suite mix of 48 two-bedroom units and 31 one-bedroom units, private balconies, ground floor patios, covered parking garage and additional surface parking.” This property is situated in the residential Port Weller neighborhood with convenient access to shopping areas, parks, and it backs onto a ravine featuring a walking path leading to the waterfront. In a previous interview with RENX, both partners expressed confidence in secondary Southwestern Ontario markets known for strong rental demand, limited supply and favorable demographic trends. “Our thesis has always hinged on buying well below replacement value and driving positive value of the property in a market where we saw a lot of upside and that was underserved,” Barry told RENX during a summer 2025 interview. “The values that Aly and I both share are pride around providing safe, fresh and clean accommodation at an affordable price.” Richmond Asset Management was established in 2024 by Barry and Somani and has since developed a portfolio of 31 properties valued at approximately $125 million. Before this recent acquisition, all its investments were focused on Windsor and Sarnia areas. Over the last two years, Richmond has acquired 15 properties which expanded their portfolio to include 528 residential units along with 100,000 square feet of retail space.Source link
