Homestead Holdings has acquired a downtown Ottawa apartment building from QuadReal Property Group and RBC Global Asset Management for $96 million.
The deal has already closed on the sale of 50 Laurier Avenue East, the Ottawa Business Journal reported. The publication identified the buyer and seller while reporting the price.
Kingston, Ont.-based Homestead and Vancouver-headquartered QuadReal have not commented publicly on the sale of the 16-storey tower. However, Homestead is listing units in the building for lease, with incentives of a month’s free rent and 50% off the first month’s rent included in different offerings.
Nico Zentil, an Ottawa-based CBRE vice-president of capital markets, said on LinkedIn that the company represented the seller in the transaction.]
“It’s a trophy asset in all facets of the word,” Zentil told OBJ. “It really kind of checked every box in best-in-class there was to check. It got a lot of interest in the market.”
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.