InterRent Real Estate Investment Trust announced Wednesday it has acquired a multi-family portfolio in west Ottawa that will add 286 suites to the company’s inventory.
The collection of Brittania low-rises, townhomes and duplexes, along with one home, was purchased for $27.8 million, or $97,028 per door.
The property, which is being purchased with a going-in capitalization rate of 5.6 per cent, will be financed through a new conventional first mortgage. The deal is expected to be finalized by late April.
OBJ360 (Sponsored)
Last month Ottawa Salus launched “Opening Doors to Dignity,” a $5-million campaign to construct a 54-unit independent living building on Capilano Drive. Set to open in late 2025, this innovative
Investing in the next generation: Ottawa businesses encouraged to build futures through mentorship
Do you remember the mentor in your life who helped shape your career? In the business world, success often depends on the connections we build, fuelled by guidance and support
The portfolio includes properties on Zephyr Avenue, Marie Street, Jamieson Street, Rowatt Street and Bradford Street.
InterRent CEO Mike McGahan said the firm was pleased with the acquisition, seeing it as a complement to its current Crystal Beach holdings.
“It is truly a rare opportunity in Ottawa to find waterfront multi-family rental accommodations with such spectacular views,” he said in a statement, adding the property’s upside potential made it a perfect fit for InterRent.
