News
InterRent REIT Sells More Non-Core Multifamily Properties
June 9, 2016
CLV Group
InterRent REIT has reached a deal to sell a multifamily portfolio in Sarnia, ON, and 5552 Heritage Dr in Niagara Falls (above) for $32.1M (or $77,350/suite). CEO Mike McGahan noted his Ottawa-based firm is in the midst of a strategy to recycle capital from non-core properties and redeploy the funds into new “repositioning opportunities” within core markets. The REIT recently sold properties in Kingston, Belleville, Brantford and Brampton, while adding 545 suites in Montreal and Ottawa. The most recent sale, 415 suites total, includes 811-817, 835 and 849 Devine St and 225 and 233 Capel St in Sarnia.
