- What Hazelview Properties sold an Ottawa apartment building for $10.6m
- Why Developer Brigil purchased the building in an off-market transaction
- What next The property is close to a Brigil development
Hazelview Properties has offloaded a six-storey rental apartment building in Ottawa for $10.6m, Green Street News can reveal.
The property sold in an off-market transaction to Brigil, a Gatineau-based developer. The deal closed on Oct. 24, with Marcus & Millichap’s IPA division handling the sale. Brigil obtained a $9.4m acquisition loan from Portage Capital.
The building, at 131 Parkdale Avenue, is one parcel over from Brigil’s The Dale: a nearly complete, two-tower rental development. Construction of the first tower wrapped up in 2021 and at 33 storeys, it’s the tallest rental building in Ottawa. The second tower, which will reach 29 storeys, is still under construction.
Brigil operates, or is in the process of building, more than a dozen low-, mid- and high-rise rental properties in the Ottawa-Gatineau area. It’s unclear whether Brigil intends to redevelop the newly acquired property.
Units range from studios to two-bedroom suites, and there are on-site laundry facilities.
The property is just north of the Hintonburg neighbourhood, a trendy area known for its shopping and dining offerings, and just south of the Ottawa River. Parliament Hill is 3 km away.
