Thursday, April 06, 2006

Very Difficult to Obtain Property Sold in the Canadian Market

The sale today of an upscale multi-family complex in Ottawa's trendy ByWard Market area for C$30.8 million (about $26.5 million U.S.) was the third in a series of transactions totaling C$108 million (about $92.8 million U.S.) that Primecorp Commercial Realty Corp. Inc. has advised over the past month.

GWL Realty Advisors Inc. purchased Clarendon Lane, a 120-unit luxury rental apartment project with 14,000 square feet of boutique retail space on the ground floor, from the owner-developer, The Properties Group of Ottawa. The square footage of the residential space was not available, but the property includes one five-story building on York Street and one seven-story building on George Street, said Primecorp founding partner Aik Aliferis (pictured), who along with partner Sam Firestone, acted as an advisor. The deal included a 185-space underground commercial parking facility.

"This type of property is very difficult to obtain in the Canadian market," Aliferis told CPN this morning. "It's quite a positive achievement for GWL to acquire this type of strategic property in the nation's capital (Ottawa)."

"This was a trend-setting deal," Aliferis said, "because it brought together one of Canada's largest private multi-family landlords and one of Canada's largest real estate investment trusts."

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