Alignvest Student Housing REIT has acquired a purpose-built rental asset in Ottawa for an undisclosed price.

Toronto-based Alignvest said the transaction has closed and solidifies the REIT’s presence in the nation’s capital while expanding its portfolio.

“With this acquisition, we were able to assume attractive in-place [Canada Mortgage and Housing Corporation] financing which has a below-market interest rate of 2.32% and over six years of remaining term,” Sanjil Shah, Alignvest’s managing partner, said in a news release.

The four-storey building is located at 417 Nelson Street in the Sandy Hill neighbourhood near the University of Ottawa. The 53 fully furnished units include 94 student beds.

The suites encompass a mix of one-, two- and three-bedroom configurations, all equipped with ensuite bathrooms. Additionally, the property offers such amenities on-site laundry facilities, underground parking and an outdoor patio with a gazebo.

Alignvest owns student housing assets in Ontario, Nova Scotia and Alberta.

Photo: Carre417