- What Forum Asset Management purchased a student-housing complex in Ottawa for $183m
- Why The company is expanding its student-housing portfolio
- What next Forum plans to renovate the property to add better amenities
Forum Asset Management purchased a 742-bed student-housing development in Ottawa for $183m, Green Street News can reveal.
The two-tower complex at 256 Rideau Street was sold by Ashcroft Homes. The deal closed on Oct. 31, with CMLS Realty handling the sale. The price works out to $247,000/bed. Forum obtained a $170.7m acquisition loan from Computershare Trust Co. of Canada.
Previously dubbed Envie Rideau, the complex will be rebranded as Alma @ ByWard Market. Alma is the branding used on Forum’s student-housing assets. ByWard Market is the neighbourhood the towers are in, just north of the University of Ottawa.
Ashcroft began building the complex in 2019 and completed it in 2022. Although it is a newer build, Forum plans to renovate the property over the coming months to add “market-leading amenities.”
The units are a mix of studios and shared two-bed apartments, all equipped with small kitchens, bathrooms and washer/dryers. Shared spaces include a gym, a lounge and a terrace. Rents start around $2,000 per month, including utilities.
Forum was already on its way to becoming Canada’s leading owner of purpose-built student housing after announcing last month its pending acquisition of Alignvest Student Housing Real Estate Investment Trust. The $1.7bn deal is expected to close at the end of 2024.
Once the deal is complete, Forum will own more than 11,000 student-housing beds in Canada, inclusive of the Rideau Street transaction.
Forum also is pursuing the development of an 18-storey student housing project near Toronto Metropolitan University and George Brown College. The 223-unit tower is awaiting approval from Toronto’s City Council, but it is expected to be complete in time for the 2027-28 school year.
