Guelph’s Balnar Management Ltd sold a majority of its portfolio of multi-residential buildings to Homestead Land Holdings Ltd and Starlight Investments.
The deal, brokered by Colliers International on Dec. 19, includes buildings in Guelph, Kitchener-Waterloo and Cambridge.
“At this point, we’re downsizing and we’ll have a smaller base,” said Michael Balnar, president of Balnar Management.
In 2019, Balnar Management’s property management portfolio included 14 residential properties and 10 commercial properties.
“For us, its the end of an era and certainly we’re feeling sentimental about that,” said Balnar.
Homestead Land Holdings Ltd. bought the assets and distributed approximately one-third of the 1,595 unit portfolio to Starlight Investments.
Balnar said just over half of the on-site staff currently working in the properties have been hired by the two purchasing companies which will set up their own operational teams in place.
Additionally, Balnar is independently selling another four office buildings in Guelph, with a total of 106,000 square feet of space.
The company will continue to own six remaining office and industrial buildings in Guelph with a total of 208,000 square feet and two apartment buildings with 57 units in Guelph and Waterloo.
Balnar said this was a business decision and it was the right time for the shareholders with all things considered.
“We are incredibly grateful to our staff and our residents and for our company, it's the beginning of a new journey,” said Balnar.
Balnar Management’s first property was the Twin Towers in Guelph. The company was established in 1977 and continued to grow in Guelph, Kitchener-Waterloo and Cambridge as a family operated and oriented business.
“We recognize and thank all those who have been part of our journey to date, and wish them well,” said Balnar.
