An investment arm of one of Ottawa’s largest real estate companies say it’s purchased a 111-unit townhouse complex and plans to extensively renovate the properties.
Manor Village is located off Woodroffe Avenue, just north of West Hunt Club Road. The property was purchased by Minto Capital Management through its “opportunistic” private equity fund targeting Canadian multi-residential assets and ancillary retail real estate.
“We see a significant opportunity to revitalize Manor Village by applying our expertise in property and asset management with a view to drive solid returns for our investors,” said Minto Capital president Rob Pike in a statement.
The purchase price was not disclosed. Minto said renovations will include in-suite kitchen and bathroom renovations, interior common area refurbishments, exterior capital improvements and landscaping.
The purchase was made through Minto’s Canadian Real Estate Value-Add Fund, which was launched in 2015 with a capital commitment of $158 million. With the purchase of Manor Village, Minto said the fund is now fully committed and has a targeted annual return of 14 to 17 per cent.
The fund’s real estate assets, which also includes properties in Edmonton, Calgary and Toronto, are separate from those spun off into a new Minto REIT that began trading on the Toronto Stock Exchange earlier this month.