Rideau Heights Apartments Sell for $21.2 Million

Published on: 2016/04/28 - in Featured News

InterRent Real Estate Investment Trust (“InterRent”)¬†announced Wednesday that it is entered into an unconditional agreement to sell its properties here in Kingston.

A number of apartment buildings in the City’s north end – containing a total of 202 suites – are being sold for $21,210,000, or $105,000 per suite.

The properties being sold include 276 and 286 Conacher Drive (shown above); and 44, 54, 66, 80 and 118 Virginia Street. (see maps below)

According to a media release, the transaction is expected to be completed next month (May 2016) with net proceeds from the disposition of approximately $9.2 million.

“Although we have been very pleased with the performance of our Kingston portfolio, we are committed to executing on the REIT’s strategy of recycling capital from our non-core properties and redeploying those funds into new repositioning opportunities within our core markets,” said CEO Mike McGahan. “We believe that this strategy will provide greater opportunities for scale, long term growth and value creation for our Unitholders.”

The sale of REIT’s Kingston portfolio – in addition to announced dispositions in Belleville, Brantford and Brampton – brings their combined 2016 sales to 461 suites, for a total sale price of $52,460,000.

Apartment buildings being sold (click for Google maps view)

276 and 286 Conacher Drive:

44, 54, 66, 80 and 118 Virginia Street (44 and 118 indicated):

Images: Google maps