The Equiton Residential Income Fund (The Apartment Fund) is pleased to announce that it has acquired the Riverain District development project in Ottawa Ontario in partnership with Main and Main, a leading real estate investment and development firm with a strong track record in Ottawa.
The Fund purchased a 75% share of the project for $30,000,000, with an estimated value at completion of approximately $500,000,000. This is a multi-phased project with phase 1 construction planned to start in Summer 2022. Phase 1 occupancy is anticipated to begin in 2024.
Riverain District will consist of three proposed high-rise towers with over 790,000 square feet of residential area and approximately 1,000 upscale residential rental units, along with a two-storey podium featuring over 32,000 square feet of commercial space. With multiple greenspaces and street-front commercial retail, the project will benefit both future residents and the surrounding community.
The expansive 4.2-acre site occupies an entire block in the up-and-coming Vanier neighbourhood and is ideally situated on the banks of the Rideau River with sweeping river views on three sides and views of the Parliament buildings and the Gatineau Hills. 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.
“We are extremely excited to be moving into the Ottawa market with this innovative, master-planned urban community that will bring much needed rental apartments to the city,” commented Jason Roque, Equiton Founder and Chief Executive Officer, “and we’re delighted to have the opportunity to partner with a leading developer that has deep roots and residential expertise in the city.”
“The Riverain District will be a transformative project for Ottawa and Vanier,” shared Main and Main CEO, Rick Iafelice. “and Equiton’s expertise and experience managing multi-family assets make them a great fit for this development.”
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.