The strengthening of the Ottawa-Gatineau market for rental homes has led to a major investment from Toronto-based investment firms Greybrook Realty Partners and Marlin Spring.
Entities jointly controlled by the two firms have acquired a portfolio of 200 rental properties in Ottawa and 320 rental units in Gatineau for an aggregate purchase price of $57,150,000.
“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. This acquisition, at a price below replacement value, is in line with our principled acquisition protocol and accretive to our growing, diversified portfolio,” said Marlin Spring’s CEO, Ben Bakst.
Greybrook and Marlin Spring will oversee the execution of a value-add program which will involve in-suite renovations and common area improvements across both properties.
The multifamily properties are located close to the respective cities’ downtown cores with access to business districts, universities, and other amenities.
The Ottawa property in particular is expected to benefit from the gentrification of the surrounding neighbourhood.
“Greybrook is very pleased to add these two properties to our growing multi-family 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,” said Sasha Cucuz, CEO, Greybrook Securities Inc.
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