- What CLV Group has bought two Ottawa apartment buildings for $48m
- Why Capital Properties has been looking to offload the assets since fall 2023
- What next The buildings will be added to CLV’s sizable Ottawa portfolio
CLV Group has purchased two vintage apartment buildings in Ottawa for a total of $48m.
The Ottawa-based real estate services provider picked up a 129-unit complex at 173 Cooper Street for $21.8m, or $169,000/unit, and a 112-unit building at 330 Metcalfe Street for $26.2m, or $240,000/unit.
Both buildings were sold by Capital Properties, a family-owned and -operated entity.
Avison Young marketed the properties for several months, with an initial bid date scheduled for Oct. 5, 2023, but a sale did not go through at the time. CLV’s purchase closed on June 20, with First National Financial providing $15m of financing across the two properties.
Marketing materials for the buildings, which are 500 meters apart, highlight their central location on the cusp of downtown Ottawa. Both buildings offered a significant rental upside upon tenant turnover — roughly 45% at 173 Cooper and 53% at 330 Metcalfe.
As of 2023, 173 Cooper had a net operating income of $1.1m, while NOI at 330 Metcalfe was $1.3m.
CLV has over $3bn under management, including more than 6,100 residential units and another 5,000 under development.
The buildings will be added to CLV’s 30-property portfolio in Ottawa. The company also holds one multifamily property in Kitchener, Ont., and one in Aylmer, Que.
