A Chicago-based real estate investment firm with a major Ottawa footprint has bought a significant stake in a downtown rental apartment development.
LaSalle Investment Management said Tuesday its flagship Canadian real estate fund, LaSalle Canada Property Fund, has purchased a 47.5 per cent interest in a project that will see a pair of 25-storey highrises constructed on the northeast corner of Rideau and Chapel streets. Financial terms of the deal were not disclosed.
Trinity Development Group and Toronto-based Hazelview Investments (formerly Timbercreek Equities Corp.) are the other partners in the development, which is located just a few blocks east of the Rideau Centre and the Rideau LRT station.
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The first tower, which will include 315 rental suites ranging from studio apartments to two-bedroom units as well as about 9,000 square feet of ground-floor retail space, is now under construction and is slated to be completed in late 2022.
The second proposed highrise would have 318 apartments and would be constructed behind the first tower, which faces Rideau Street. The complex would also have 477 parking spaces, almost all of them underground.
LaSalle Investment Management is no stranger to the Ottawa real estate scene.
In 2018, the company acquired a one-third stake in the three-building Minto Place complex in Centretown, and the firm also owns the Holland Cross development at the corner of Scott Street and Holland Avenue. Last summer, LaSalle filed plans to build a 29-storey highrise with 337 residential units and ground-floor commercial space at the Holland Cross complex.