CONSULTATION

Parry Sound Apartments

10 Mall Drive | Parry Sound, Ontario

Parry Sound Place apartments is a newly built apartment complex, immediately adjacent to the Parry Sound Commercial property. Located at 10 Mall Drive, Parry Sound, ON. This 70 unit apartment development is expected to be one of the most sought after rental buildings in the area. Being next to the Parry Sound Mall, this apartment complex is perfectly located for convenient access to groceries and shopping. 

One of our tenants couldn’t be happier with her choice to move. “Lise Blanchet-Alain waited three years for an apartment in Parry Sound.” Virtus saw the demand for more housing in Parry Sound and aims to increase the housing supply in the city.

Total Units: 73

Occupany Rate: 95.7%

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Neighbourhood/Location​

The property is situated in the district known as Parry Sound. The property benefits from a qualitative immediate environment with average quality residential developments. The subject’s vicinity also has many complimentary retail and commercial uses. These include a No Frills store adjacent to the subject and other establishments that generate traffic such as a furniture store and a thrift store. There are also several senior and assisted living residences in the subject’s immediate neighbourhood. The most direct competitive property for the subject is estimated to be the retail node at Bowes St and Oaster Park Dr, which contains multiple big box stores and pad sites.

Property Management

Virtus Asset Management

Market Analysis

As a small town, Parry Sound benefits mainly from the tourism industry being a popular tourist destination near cottage country region for Southern Ontario residents. As part of the UNESCO Georgian Bay Biosphere Reserve and among 30,000 islands, the area features plentiful shoreline hiking trails and the world’s deepest natural freshwater port. Tourists are also drawn downtown, to a variety of boutique retail stores and hand-crafted artisan goods and most notably, each year, visitors come for the Festival of the Sound, engaging in Parry Sound’s vibrant arts and culture scene.

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