Alignvest Student Housing has completed the acquisition of two neighbouring purpose-built student housing towers in Waterloo, Ont., the company announced.

The 21-storey properties, Hespeler House and Fergus House, are situated at 252 and 254 Phillip Square, respectively.

“With the closing of our acquisitions of Hespeler House and Fergus House, ASH REIT has completed four transactions in the first half of 2024 totaling 1,705 beds and $384 million,” said Sanjil Shah, Alignvest’s president and CEO, in a news release.

“We are excited to further solidify our position in Waterloo and believe these assets will benefit from the scale ASH REIT has in the market. Hespeler House and Fergus House are strategically located near the University of Waterloo, whereas our other assets in Waterloo primarily serve students attending Wilfrid Laurier University.”

With the acquisitions, Alignvest provides housing for about 6,900 students in six major higher-education markets across Canada.

Hespeler and Fergus contain 476 beds in fully furnished four-bedroom/four-bathroom suites. The two towers are located within walking distance of the Laurier campus.

The buildings’ amenities which include fitness rooms, study rooms, a fully enclosed theatre room, games rooms, a basketball court, underground parking, bicycle parking, and on-site laundry.

The towers were developed by Markham, Ont.-based JD Development Group.

Pictured: Fergus House student residence in Waterloo, Ont.

Pictured: JD Development Group