Equiton investment fund acquires Ottawa development project
A Burlington-based investment fund has bought a controlling share in a residential development project in Ottawa’s Vanier neighbourhood.
The Equiton Residential Income Fund announced on January 20 that it has acquired the Riverain District project in Ottawa, and will work in partnership with developers Main and Main to build the development.
Equiton bought a 75-percent share of the project for $30 million. The entire development is projected to be worth close to $500 million when completed.
The development will consist of three proposed high-rise towers with over 790,000 square feet of residential area and approximately 1,000 upscale residential rental units, along with a two-storey podium featuring over 32,000 square feet of commercial space.
The development is a multi-phased project with phase 1 construction planned to start this summer, and occupancy scheduled for 2024.
The 4.2-acre site occupies an entire in Ottawa’s Vanier neighbourhood. The site is located on the banks of the Rideau River with river views on three sides and views of the Parliament buildings and the Gatineau Hills.
It’s currently the site of a shopping centre and parking lot.
"We are extremely excited to be moving into the Ottawa market with this innovative, master planned urban community that will bring much needed rental apartments to the city," said Equiton Founder and CEO Jason Roque. "We're delighted to have the opportunity to partner with a leading developer that has deep roots and residential expertise in the city."
The Equiton Apartment Fund is a private real estate investment trust that has proven itself as a steady and strong performer in the Canadian Private Real Estate and Alternative Investing arenas. The strategy of the Fund is to acquire existing apartment buildings and select new multi-residential developments and apply its expertise and comprehensive management approach to create significant value for investors.
Featured image: Rendering of the Riverain District in Ottawa’s Vanier neighbourhood. (Equiton)