CAPREIT announced it has waived conditions and will acquire two Ottawa rental properties for $95.5 million. Consisting of 380 suites, residential occupancy in the portfolio currently stands at 98.7 per cent.
Closing of the transaction is anticipated on or before November 30, 2020.
The first property, a 50-suite apartment building located at 141 Augusta Street, in downtown Ottawa, is a short walk from the historic Byward Market, Rideau Centre, and other local shopping. The apartment is also situated close to schools and the University of Ottawa.
The building is described as in good condition, with the potential to add further value under CAPREIT’s capital expenditure program.
The second property, known as Surrey Place & Hunter’s Point, includes 330 three- and four-bedroom townhomes ideal for families. Located in the popular Gloucester neighbourhood of Ottawa, residents are close to green space, retail shopping, schools, and universities. The townhome units include spacious floorplans with backyards, as well as a communal swimming pool and playground. The property is also in excellent condition and stands to realize incremental value under CAPREIT’s management.
“These Ottawa acquisitions are an excellent example of our asset allocation strategy to target mid-tier residential properties in strong Canadian rental markets where our experience will generate increased value for our Unitholders over the long term,” commented Mark Kenney, President and CEO.
More information about the two Ottawa rental properties and other CAPREIT news can be found at: www.capreit.com