Last Updated on October 24, 2023 by CREW Editorial
The release for sale of 261 Lester in Waterloo is very exciting news for real estate investors. This fully-leased mid-rise building offers 19 five-bedroom suites, each with two bathrooms, high-end finishes, and 19 parking spaces with bike storage. Highly appealing to students, the building’s location is a short 5-minute walk to both the University of Waterloo and Wilfrid Laurier University, transit and some of the top technology companies.
Over 400 high-tech firms operate in Waterloo Region including powerhouses such as Google, Descartes Systems, Open Text, Maplesoft, Dalsa, MKS and more. Many students find work after graduation at companies like these, as seen in a 2014 report from Wilfrid Laurier University Alumni Services that revealed almost 15% of their graduates put down roots in Waterloo Region. Located in a prime location near the Idea Quarter, 261 Lester is ideally placed to provide accommodation for these young tech professionals.
With 36,252 full time and 2570 part time students, University of Waterloo is recognized for the excellence of its graduates. But no discussion of the demand for academic accommodations in Waterloo can omit the vibrant and growing Wilfrid Laurier University. Originally established in 1911, Wilfrid Laurier University ranked 6th of 15 comprehensive universities in Canada in a 2018 MacLean’s magazine survey.
In 2016, Laurier had a full time enrollment of 15,803 in addition to 2,793 part-time students, and reported a 2017 first term enrollment total of 18,589 students. Laurier offers a full range of undergraduate and graduate programs in a close-knit supportive campus environment.
Recently, the university opened Lazaridis Hall, the new 200,000 sf. home of Lazaridis School of Business and Economics and the Department of Mathematics. In addition, it is visualized that the building will provide an environment for innovation with programs and centres also housed in the building including the Schlegel Centre for Entrepreneurship and Social Innovation among other growth-oriented tech companies.
At the official grand opening celebrations for Lazaridis Hall, tech entrepreneur Mike Lazaridis told the crowd of over 100 that the new facility will help recruit and retain the best and brightest students, researchers and entrepreneurs from across Canada and around the world.
Admission confirmation numbers for Laurier by high school applicants are already among the highest in the province with more students choosing Laurier for two years in a row. Acceptances in 2016 were up vs. the previously strong year, making Laurier one of just five Ontario universities to report a growth in confirmations. As well, Laurier had a 16.5% increase in first-choice acceptances.
Laurier is renowned for its music and business education, a strength that has been identified as contributing to Waterloo Region’s reputation as a “powerful education hub” by former University of Waterloo president and former Governor-General of Canada, David Johnson.
Maclean’s cites Laurier’s Business Administration among its “Standout Programs” in 2017. Real world experience is highly valued at Laurier and the university offers co-op work terms, work-study programs, and community service-learning opportunities.
Wilfrid Laurier University has been named No.1 for growth in research funding among universities in its category, according to the annual Top 50 Research Universities rankings by Research Infosource, an independent Canadian research, consulting and publishing firm. The ranking comes after Laurier saw a 23 per cent increase in sponsored research funding in 2015/16 over the previous year.
Suites at 261 Lester are offered from the $580’s, and starting from $371 per square foot. Flexible closings are available at 261 Lester from 30-days to March of 2018. Also included is a Rental Guarantee with Free Property Management from KW4Rent, for 2 years from the purchase of the unit.
This opportunity comes from Prica Group, offering investors over a decade of experience in this fast-growing market, with residential and commercial properties and a leading property management company. Interested investors should visit www.kw2own.com or call 437.928.2588. Showings are available.
