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InterRent to acquire Ontario apartment complex for C$55.7M

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InterRent to acquire Ontario apartment complex for C$55.7M

InterRent RealEstate Investment Trust said April 4 that it entered into anunconditional agreement to acquire Parkway Park Apartments in Ottawa, Ontario,for C$55.7 million, or C$133,253 per suite, with a going-in cap rate of 5.3%.

The apartment complex consists of 176 one-bedroom, 227two-bedroom and 15 three-bedroom suites, and spans a total of 17.2 acres. Thepurchase is scheduled to close in May and will be financed through aconventional first mortgage.

Additionally, the company entered into an unconditionalagreement to sell its Brantford, Ontario, properties located at and 120, 126& 130 St Paul Ave. The sale is expected to be completed in July at acombined price of about C$11.5 million, or C$110,337 per suite.

In addition, on March 29, InterRent completed a previouslyannounced sale of all of its Belleville, Ontario, properties, including57 Bridge Street West,414 Dundas Street Westand 4 Applewood Drive,at a combined price C$11.1 million, or C$100,000 per suite.