JV Closes on $57M Canadian Multifamily Portfolio
- May 29, 2019
A joint venture of Marlin Spring and Greybrook Realty Partners has purchased a 520-unit multifamily portfolio in the National Capital Region of Ontario, Canada, for $57.2 million, from seller Q Residential. The portfolio was 95 percent occupied at the time of the sale.
The 200-unit Lancaster Apartments is a six-story community located at 324 Cambridge St. N in the Centretown West neighborhood, near downtown Ottawa. The property offers easy access to the downtown core, Carlton University and a variety of shops and restaurants. Habitat du Lac Leamy is a 320-unit community located at 42, 44 and 46 Rue Bédard in the Hull area of Gatineau, Quebec, about a 10-minute drive from downtown Ottawa. The property offers easy access to public transit, Gastineau Park and also includes an office unit, retail store and more than 400 parking spaces.
Aik Aliferis, a senior managing director with Institutional Property Advisors, a division of Marcus & Millichap, arranged the deal on behalf of Q Residential.
Marlin Spring and Greybrook previously partnered to acquire two communities in Houston, when they paid $68 million for a total of 556 units at Lakeview Estate and Lakeview Apartments this past December. The Canadian-based Marlin Spring also purchased a 468-unit community in Miami in 2017 for $50 million.