It plans to add an additional 21 beds to the facility, which is housed in a converted 12-storey office building at 305 Rideau St. The property, built in the early 1960s, is formerly known as the Bourque Memorial Building and the Constitution Building.
The conversion to a purpose-built student accommodation building (PBSA) was undertaken by previous owner Katasa Group, a Gatineau-based development and management firm.
“This acquisition expands the REIT’s student housing operations in Ottawa and solidifies the REIT’s position as Canada’s leading owner and operator of PBSA,” said Sanjil Shah, managing partner of Alignvest, in the announcement Monday morning.
“THEO is located in close proximity to the REIT’s other Ottawa properties, which supports operational efficiencies and provides more opportunity for domestic and international students residing in Ottawa to live at a high-quality Canadian Student Living Group residence.”
Financial details were not released.
The redevelopment of THEO
THEO is located less than a kilometre from the University of Ottawa campus, in an area which includes several other student housing facilities. Alignvest says THEO is one of only a few purpose-built student housing properties serving uOttawa and is the newest and most highly amenitized.
The redevelopment, which began in 2017, involved replacement of elevators, HVAC / pipe / electrical systems and windows, addition of the amenities area and new first- and second-floor outer façade. Amenities include study rooms on every floor, a fitness centre, half-court basketball court, clubhouse, games room, cinema room, and a music and art studio.
There is also approximately 18,000 square feet of street-level commercial space and 77 parking spaces.
Alignvest says the property offers top-of-the-market interior finishes including a premium modern furniture package, stainless steel appliances, quartz countertops and in-unit laundry. THEO features a mix of one-, two-, three-, four- and five-bedroom units, with varying layouts and price points.
About Alignvest Student Housing REIT
Alignvest Student Housing REIT is an Toronto-headquartered trust formed in 2018 which owns income-producing purpose-built student accommodations in several Ontario and Canadian cities. The Ottawa acquisition will bring its portfolio to close to 5,000 beds.
Alignvest already owns and operates 1Eleven and The Annex student housing properties in Ottawa, with a combined 875 beds.
It also owns a cluster of properties in Waterloo, including myREZ on Lester with 455 beds, serving both Wilfrid Laurier and Waterloo Universities.