An Ottawa-based real estate investment trust has announced its second local acquisition this week, saying Friday that it is buying 118 townhomes in Gloucester for $15.65 million.
InterRent REIT said the properties are located at 1901-1917 Ogilvie Rd. and 1910-1922 Elmridge Dr. The purchase price reflects a capitalization rate – a commonly used real estate metric used to gauge an investor’s return – of 5.7 per cent.
Also on Friday, InterRent said it is buying a 64-suite building in St. Catherines, Ont., for $5.99 million with a going in capitalization rate of six per cent.
OBJ360 (Sponsored)
Deep retrofits, done differently: new model for building upgrades
Deep energy retrofits are complex and costly – but also unpredictable. Each building has its own unique characteristics, shaped by its history, systems, and structure. For Killam Apartment REIT and
Sharing “PapaJo’s” story to shine the spotlight on the Campaign to Create Tomorrow
Visitors to the seventh floor of The Ottawa Hospital’s General campus may do a double take outside Room 7123. A plaque beside the door references “PapaJo” Johns. Who, you may
Both purchases are expected to close by the end of March.
InterRent said short-term financing will be put in place for the newly acquired properties during a “repositioning” program. Once complete, the properties will be financed through long-term Canada Mortgage and Housing Corp. insured mortgages.
Earlier this week, InterRent purchased two residential properties in the Crystal Beach neighbourhood of Ottawa.
