Alignvest Student Housing REIT acquires Rideau Street student housing apartment

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A Toronto-based real estate investment trust says it’s adding to its student housing portfolio near the University of Ottawa.

Alignvest Student Housing REIT says it’s purchased the Théo building at 305 Rideau St. The former government office building previously known as the Constitution Building was converted into student housing by Gatineau-based developer Katasa Group.

Financial details of the transaction were not disclosed.

The 12-storey building has 193 units and 507 beds – with an additional 21 beds to be constructed – as well as amenities such as a fitness centre, basketball court and a games room.

Alignvest already owns two student housing buildings in Ottawa – a former hotel at 111 Cooper St. that was converted into a private student residence and a nine-storey, 503-bed highrise at 265 Laurier Ave. E. that was built specifically to house students.