The portfolio is comprised of two properties, totalling 200 units in Ottawa, and 320 apartments just across the provincial border in neighbouring Gatineau, Que. The companies say they will institute the same “value-add program” of suite renovations and improvements to common areas as they have at previous sites which they’ve acquired.
The Ottawa property at 324 Cambridge St., is located close to the downtown core, near both Ottawa universities, and has excellent transit and highway access.
The Gatineau property at 42-44-46 Bedard St., is also 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.
Financial details were not immediately released.
“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 Marlin Spring CEO Ben Bakst in a release.
This is the companies’ first joint venture into the National Capital Region.
“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 of Greybrook Securities Inc., in the release.
Greybrook and Marlin Spring have partnered on a series of purchases during the past few years in Canada and targeted U.S. markets, as well as the proposed Waterfront II development in Toronto, a planned two-tower, mixed-use condo project which would include 540 residences.
Last fall, the duo purchased more than 1,200 units in Quebec, as well as in Texas.
About Greybrook Realty Partners
Greybrook Realty Partners is a Toronto-based asset management firm that invests equity in real estate development and value-add assets.
Greybrook Realty Partners and its affiliates have invested in over 70 real estate projects across Canada and the United States.
In aggregate, its real estate investment portfolio is expected to result in the development of over 35 million square feet of residential and commercial density, with an estimated completion value of $15 billion.
About Marlin Spring
Marlin Spring acquires, develops and strategically repositions and manages residential assets throughout North America.
To date, Marlin Spring has acquired over 30 residential projects and over 7,000 residential units in various stages of development, construction, and repositioning across Canada and United States.
The firm’s real estate portfolio totals over five million square feet of residential density with an estimated completion value of over $4 billion.