News
InterRent Acquires Hamilton Multifamily Portfolio
September 8, 2015
InterRent REIT is acquiring a four-building, 618-suite multifamily portfolio in Hamilton for $50.9M, or $82,500 per door. Located in the city’s east end, the properties include 77 Delawana Dr 11 & 40 Grandville Ave (above) and 11 Violet Dr. InterRent plans a “significant repositioning program” to reduce utility and long-term operating costs, increase occupancy and “achieve the market rents that the REIT has been able to capture at its other properties in Hamilton.” InterRent has purchased 1,577 suites so far in 2015, for $167.4M, part of what it says is a strategy to expand within its core markets of Ottawa, Montreal and the GTA.
