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.
About Greybrook Realty Partners Inc.
Greybrook Realty Partners is a Toronto-based asset management firm that invests equity in real estate development and value-add assets. The firm offers investors the unique opportunity to partner with leading North American real estate developers and share in value creation activities. 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 the United States. The firm's real estate portfolio totals over 5 million square feet of residential density with an estimated completion value of over $4 billion.
Forward-Looking Information
This news release contains forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties, which could cause actual results to differ from those contemplated or implied by such forward-looking statements. Greybrook is under no obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, future events, or otherwise.
For further information regarding Greybrook Realty Partners:
Sarah Mansour, Executive Director, Strategy & Corporate Development
E: sarah.mansour@greybrook.com
T: 416.322.9700 x551
Follow Greybrook on LinkedIn: https://www.linkedin.com/company/greybrook-realty-partners/
Follow @GreybrookRealty on Twitter: http://twitter.com/greybrookrealty
Read the Greybrook blog: http://greybrook.com/realty/blog/
For further information regarding Marlin Spring:
Rivki Mandelbaum, Director, Corporate Strategy & Communication
E: rmandelbaum@marlinspring.com
T: 416.619.3550 x346
or
David Eisenstadt, Fellow PRSA, CPRS, Partner, The Communications Group Inc.
E: deisenstadt@tcgpr.com
T: 416.696.9900 x36
Follow Marlin Spring Investments on LinkedIn: https://www.linkedin.com/company/marlinspringinvestments
Follow @MarlinSpring on Twitter: https://twitter.com/MarlinSpring