Equiton Residential Income Fund has acquired the Riverain District development project in Ottawa in partnership with Main and Main, a real estate investment and development firm. The fund has purchased a 75 per cent share of the project for $30 million with an estimated value at completion of approximately $500 million.
Ontario Construction News states that the multi-phased project will start Phase 1 construction in the summer of 2022.
"We are extremely excited to be moving into the Ottawa market planned urban community that will bring much needed rental apartments to the city and we're delighted to have the opportunity to partner with a leading developer that has deep roots and residential expertise in the city."
Equiton founder & CEO | Jason Roque
Riverain District is a large-scale, multi-phased development that will include:
- Three proposed high-rise towers
- Over 790,000 square feet of residential area
- 1,000 residential rental units
- Two-storey podium
- 32,000 square feet of commercial space
- Multiple greenspaces
- Street-front commercial retail development
The 4.2 acre site occupies an entire block in the Vanier neighbourhood on the Rideau River's banks. It is a short 10 minute drive to the downtown core and only 5 minutes to the ByWard Market, Ottawa's premier destination for shopping, dining, arts, and entertainment.
According to Link2Build, the site has river views on three sides and views of the Parliament buildings and the Gatineau Hills. It is currently the site of a shopping centre and parking lot.
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The Equiton Apartment Fund is a private real estate investment trust that has proven itself as a steady and strong performer in the Canadian Private Real Estate and Alternative Investing arenas. The strategy of the Fund is to acquire existing apartment buildings and select new multi-residential developments and apply its expertise and comprehensive management approach to create significant value for investors.
Equiton states that they were founded in 2015 and are a recognized leader in private equity investments. They have surpassed half a billion in assets under management. Their potential growth is a direct outcome of their leadership team understanding how the industry works and how to create long-term wealth through real estate investing. Their strategy is always forward-looking, anticipating trends and adapting their approach to strengthen their market position and building the most robust portfolio possible for investors.
DataBid is currently reporting on this project - 400 Albert Mixed Use - Ottawa (0038082120)
