NexLiving has secured an option to acquire a five-block townhome project totalling 108 units in Ottawa’s Barrhaven suburb for $43.5 million.

Known as The Conservancy, the project is a master-planned community. Construction is scheduled for completion in late 2026. With the project, Halifax-based NexLiving will expand into the Ottawa housing market.

NexLiving said the project will deliver two-storey stacked townhomes ranging from 900 to 1,033 square feet, each with two bedrooms, two bathrooms, and surface parking. Units will feature nine-foot ceilings, granite countertops, laminate flooring, and full appliance packages. The community is located near schools, parks, shopping, and future transit connections, including the planned LRT extension. Net operating income for the properties is projected between $2 million and $2.3 million annually.

NexLiving entered into purchase agreements for the properties with Caivan Homes Barrhaven Conservancy. The agreements will be assigned to a single-purpose entity owned by Devcore Group, which is developing the project. NexLiving has provided $4.35 million in financing through a two-year convertible debenture representing about 10% of the $43.5-million purchase price. The balance will be financed through long-term Canada Mortgage and Housing Corporation-insured mortgages.

Devcore will be responsible for lease-up, mortgage financing, and construction, along with providing a 12-month rental-income guarantee. NexLiving will convert the debenture to full ownership once performance conditions are met, with Devcore receiving a capped performance fee tied to an estimated $5-million HST rebate.

The proposed acquisition is expected to close in late 2026 following construction completion and receipt of occupancy permits.

Pictured: The Conservancy project in Ottawa’s Barrhaven district.

Rendering: Caivan Homes