InterRent Real Estate Investment Trust has entered into an unconditional agreement to acquire a multi-family portfolio in Ottawa that will add 286 suites to the REIT. The Acquisition consists of two large parcels which include a scenic 2.9 acre waterfront complex on Rowatt Street, Jamieson Street and Bradford Street; and, a 5.1 acre park-side complex on Zephyr Avenue and Marie Street. The portfolio is ideally located in the West end of Ottawa within the residential neighbourhood of Britannia and bordered by the Ottawa River, Britannia Park, Carling Avenue and Richmond Road.

Both complexes are adjacent to Britannia Park and the Ron Kolbus Lakeside Gardens. It is also within close proximity to bus routes and numerous amenities including Lincoln Fields Shopping Centre, Bayshore Shopping Centre, the Queensway-Carleton Hospital, and less than 5 kms away from the upcoming National Defense offices at Moodie Drive and Carling Avenue. The Acquisition is expected to be completed in late April at a purchase price of $27,750,000, or $97,028 per door.

The property is being purchased with a going in capitalization rate of 5.6% which is immediately accretive to the REIT, and will be financed through a new conventional first mortgage. The portfolio addresses include 334, 338 348, 368, 372 Zephyr Avenue; 2740, 2750 Marie Street; 2777, 2779, 2789 Jamieson Street; 2768, 2776, 2778, 2780 Rowatt Street; and, 112, 116, 120, 124, 126, 130, 132, 134, 136, 138 Bradford Street. The buildings consist of: 8 low-rises (238 suites), 27 townhomes, 20 duplexes, and, 1 home.

The suite breakdown is as follows: 22 bachelor; 42 1-bedroom; 191, 2-bedroom; and 31, 3-bedroom suites.