- What Minto Apartment REIT has agreed to sell the Castleview in Ottawa for $69m
- Why Proceeds will be used to repay the company’s revolving credit facility
- What next The deal is expected to close in January
Minto Apartment Real Estate Investment Trust has agreed to sell a multifamily property in Ottawa for $69m.
The Ottawa-based REIT is offloading the 241-unit Castleview, at 1755 Frobisher Lane, to an unnamed private real estate investor. The price works out to $286,000/unit.
The property, built in 1973, has studio to three-bedroom suites with stainless-steel appliances and modern fixtures. Amenities include a fitness centre, a tennis court, an indoor pool and sauna, an on-site convenience store and indoor parking.
The transaction is expected to close in January. The approximately $33.8m of proceeds will be used to repay a portion of the REIT’s variable-rate revolving credit facility.
In February, the company sold the Tanglewood and Chesterton/Bowhill properties to Ottawa Community Housing for $86m.
