InterRent adds 286 suites with Brittania property acquisitions

Default image

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.

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.