InterRent Real Estate Investment Trust has entered into purchase agreements to acquire four multi-residential properties in Ontario for approximately $8.6 million, the company said today.
The REIT says it has agreed to acquire a total of 164 suites in Timmins, Wallaceburg and Dresden, Ontario.
The Timmins building contains 49 suites, and recently underwent extensive upgrading. The building is approximately 25 years old and is currently fully occupied, and has operated without vacancies for the past year.
The two properties in Wallaceburg contain 99 suites built in the 1990s, and were designed as adult lifestyle buildings with wheelchair access, parking and “in suite” laundry facilities. There are currently no vacancies in any of the buildings, and there is a waiting list for applicants.
The Dresden building, part of the Wallaceburg portfolio, contains 16 suites and was built in the 1990s also as an adult lifestyle building.