InterRent Real Estate Investment Trust has closed on a property acquisition situated in Ottawa's west end for a purchase price of CAD7.2m.
The property is located at the corner of Carling Avenue and Crystal Beach Drive, directly across from the Ottawa River, in the neighbourhood of Crystal Beach.
Situated in a predominantly residential area, the property offers views of the Ottawa River and is within close proximity to major bus transit routes as well as highway 417 and the Bayshore Shopping Center.
The property consists of two one-bedrooms; 28 two-bedrooms; and 24 garden homes. Combined with InterRent’s previous acquisition in Crystal Beach, the REIT now has 141 rental units within close proximity to the former Nortel campus.
The properties are being purchased with a going in capitalisation rate of 5.75 per cent and is immediately accretive to the REIT. The acquisitions will be financed through a conventional first mortgage while the property is being repositioned.
"With our years of experience in the Ottawa market, we believe that this acquisition is in a great geographical location and represents a strong addition to the long term strategy of growing the REIT's portfolio where we believe we can create value for our unitholders," says Mike McGahan, CEO of InterRent.