TORONTO, April 16, 2019 (GLOBE NEWSWIRE) — Greybrook Realty Partners and Marlin Spring announced today the acquisition of a portfolio of rental properties in Ottawa, Ontario, and Gatineau, Québec. Entities jointly owned and controlled by Greybrook and Marlin Spring have purchased a portfolio consisting of 200 rental units in Ottawa and 320 rental units in Gatineau. 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 Ottawa property is located close to the downtown core, Ottawa’s two major universities, with excellent transit and highway access, and will benefit from the continued gentrification of the surrounding neighbourhood. The Gatineau property is also well placed in close proximity to downtown Hull (Gatineau’s core business district) and downtown Ottawa, with access to schools, the Hull hospital campus and Gatineau Park.
“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 Ben Bakst, CEO, Marlin Spring.
“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.