OTTAWA – InterRent Real Estate Investment Trust (TSX:IIP.UN) is paying $58.5 million for a multi-united residential complex in Ottawa as well as an adjacent property.
The acquisition, expected to be completed in early April, includes more than $56.2 million for 393 suites plus $2.25 million for the separate parcel of land, which was previously slated for a 140-unit condominium.
The property currently known as Forest Ridge totals almost 16 acres and consists of one high-rise with 169 suites, two low-rises with 94 suites and 130 townhomes, as well as three acres of vacant land that has already been severed.
The purchase price includes more than $56.2 million for the various rental units and $2.25 million for the separate parcel of land, which was previously slated for a 140-unit condominium.
