InterRent buys Crystal Beach assets for $18.35M

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An Ottawa-based real estate investment trust says it is purchased two residential properties in its hometown.

InterRent REIT says the two properties are located in the Crystal Beach neighbourhood in Ottawa’s west end and contain a total of 141 suites. The purchase price of $18.35 million represents a cap rate - a common commercial real estate metric used to measure return - of 5.75 per cent.

InterRent says the acquisition of both properties will close later this year and that the purchases will be financed through Canada Mortgage and Housing Corp. insured first mortgages.

The first development is located at the corner of Carling Avenue and Ullswater Drive. It consists of four one-bedroom units, 56 two-bedroom units and 27 garden homes.

The second project is located at the corner of Carling Avenue and Crystal Beach Drive and contains two one-bedroom units, 28 two-bedroom suites and 24 garden homes.