An Ottawa-based real estate development and management firm said it will spend $2.7 million upgrading a multi-residential and commercial portfolio it acquired in its hometown.
The Minto Group said Wednesday it has closed its purchase of the assets, which are located in the Craig Henry community in Nepean. The portfolio includes 369 townhomes, 134 residential rental units inside a pair of low-rise apartment buildings as well as nearly 22,000 square feet of office/retail space.
The properties are located east of Greenbank Road and west of Woodroffe Avenue, between a rail line and a hydro corridor.
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“The location and demographics of this affordable community are ideal to leverage the synergies that already exist within our property management division,” said Minto Properties president Rob Pike in a statement.
The assets will be added to a portfolio owned by Minto Multi-residential Income Partners 1 LP, a private real estate investment partnership assembled earlier this year by Minto.
Along with rebranding the neighbourhood under the “South Centrepointe” banner, Minto said it will spend $2.7 million in capital improvements and energy retrofits.
Minto’s newly acquired assets include the Cambridge apartment buildings on Craig Henry Drive, townhomes in Auburn Woods at Craig Henry Drive and Greynam Court, as well as the adjacent Craig Henry Mews and Craig Henry Plaza