- What A 125-unit apartment building in Ottawa’s west end has sold for $22.5m
- Why The seller, a high-net-worth family, accepted a bully offer one week after listing
- What next The new owner intends to renovate the 51-year-old building
A 16-storey apartment building in Ottawa has sold for $22.5m after just a week on the market, Green Street News can reveal.
The valuation for the 125-unit Aspen Towers Apartments works out to about $180,000/unit. The seller, a high-net-worth family, accepted a bully offer that came in well ahead of the July 11 bid date. That allowed the sale to close before changes to the capital-gains tax took effect on June 25.
The buyer, a wealthy individual, obtained a $16.9m loan from the seller. Avison Young marketed the property, which traded at a capitalization rate of just below 4%.
The new owner intends to renovate the 51-year-old building, CTV News reported, having issued N13 eviction notices to tenants on June 26, along with a letter stating the “need to address the aging infrastructure.”
Units range from studios to three bedroom, with an average rent of $1,134. Marketing materials noted that if priced at market value, the building would fetch an average rent of $1,829.
The property is in Ottawa’s west end, close to Bayshore Shopping Centre, Pinecrest Plaza and the future Pinecrest O-Train station, expected to open in 2026 as part of a multi-phase transit expansion.
