Alignvest Student Housing announced it has entered into a binding agreement to acquire two new student housing assets located at 315 King Street North and 328 Regina Street North in Waterloo, Ontario.
“We are excited to further solidify our position in Waterloo with the acquisition of these two high-quality student housing assets,” said Sanjil Shah, Managing Partner. “This purchase continues to expand on our growth strategy in the student housing market and propels the REIT’s bed count from 3,394 to 4,189 beds. These properties are located near the REIT’s existing assets at 333 and 339 King Street North and provides us with an opportunity to achieve additional scale efficiencies from having 2,205 beds in the Waterloo market.”
“Preston House” & “Bridgeport House”
Preston House is a purpose-built student housing accommodation (PBSA) property located at 315 King Street North in Waterloo, Ontario, a 10-minute walk to Wilfrid Laurier University or a 4-minute drive to the University of Waterloo. Preston House is a 17-storey modern building that was constructed in 2013 with 310 beds in 62 fully furnished units. The property has historically been at 100 per cent occupancy and is currently at 93 per cent occupancy.
Bridgeport House is a PBSA property located at 328 Regina Street North in Waterloo, Ontario, an 11-minute walk to Wilfrid Laurier University or a 5-minute drive to the University of Waterloo. Bridgeport House is an 18-storey modern building that was constructed in 2014 with 485 beds in 97 fully furnished units. The property has historically been at 100 per cent occupancy and is currently at 91 per cent occupancy.
The two properties offer high-quality amenities, including exercise facilities, games rooms, study rooms, conference/boardrooms, and laundry facilities. The two buildings have highly desirable suite configurations, with every bedroom having a private ensuite bathroom.
Visit www.alignveststudenthousing.com for more info.