Greybrook Realty Partners and Marlin Spring have jointly acquired a portfolio of 520 multifamily units in Ottawa and Gatineau, Quebec. The partners will invest in in-suite and common area upgrades with the aim of generating more revenue from the units, which are located in the downtown cores on both sides of the Ottawa River.
“The Ottawa-Gatineau region is benefiting from accelerating population and labour market growth, while the strong demand for rental has driven down the region’s vacancy rate over the past few years,” observes Ben Bakst, chief executive officer of Marlin Spring. “This acquisition, at a price below replacement value, is in line with our principled acquisition protocol and accretive to our growing diversified portfolio.”
With the deal, Marlin Spring’s portfolio will number more than 7,000 residential units in Canada and the United States.
Canada Mortgage and Housing Corporation reported a vacancy rate of 1.6 per cent in Ottawa last fall and an even lower 1.2 per cent rate on the Quebec side of the river. Average rents for two-bedroom units were $1,300 in Ottawa and $794 in Gatineau.
“Greybrook is very pleased to add these two properties to our growing multifamily investment portfolio and we look forward to executing on a value-add program that will improve the quality of the apartments and facilities for the tenants,” says Sasha Cucuz, chief executive officer of Greybrook Securities Inc.