OTTAWA, Ontario, May 29, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of two mid-rise apartment buildings in Ottawa. The properties are 50 Selkirk Street, a five-story, 52,635-square-foot building containing 75 units, and 350 Mayfield Avenue, a 61-unit, four-story, 37,730-square-foot asset. The total sales price is $15 million.
“Private and institutional clientele continue to show strong interest in Canadian multifamily assets and although opportunities are limited at times, our deep reach and strong client relationships give us the edge in completing transactions,” said Aik Aliferis, IPA senior managing director. “These two apartment assets are situated within a primarily residential neighborhood that has become increasingly popular with young families.”
Aliferis represented the seller, a Canadian real estate investment trust, and procured the purchaser, a private investor. “Marcus & Millichap’s IPA platform enhances our ability to extend our commercial real estate services to investors throughout Canada and the United States,” Aliferis concluded. The Selkirk Street and Mayfield Avenue properties are situated close to the Rideau River, just west of Ottawa’s Vanier neighbourhood and within walking distance of Strathcona Park. Access to the Vanier Parkway, Highway 417, and downtown is nearby.
# # #
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.