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InterRent REIT Buys Ottawa Apartment Complex For $55.7M
April 12, 2016
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InterRent REIT has a deal to acquire Parkway Park, a 418-suite apartment complex in Ottawa, for $55.7M (a 5.3% cap rate). The 17.2-acre property—comprising 2045 Baseline Rd, 2172 Recency Terrace and 1382 Highgate Rd—is the future home of a station on a planned LRT line, and InterRent says it will explore intensification opportunities for the site. The trust recently sold a Brantford multifamily portfolio (19 Lynnwood Dr, and 120, 126 & 130 St Paul Ave) for $11.4M, and all of its Belleville properties (57 Bridge St W, 414 Dundas St W and 4 Applewood Dr) for $11.1M.
