OTTAWA, ON — Cushman & Wakefield has negotiated the sale of 1Eleven, a student apartment community in Ottawa, Ontario for $54.7 million. The 224-unit, 357-bed property is located in a top-tier student housing market that serves approximately 60,000 students.
Executive Managing Director Travis Prince and Sr. Financial Analyst Victoria Marks, with Cushman & Wakefield’s Student Housing Capital Markets Group, represented CA Ventures in the disposition. CA Ventures is a Chicago-based real estate investment holding company.
The buyer, Alignvest Student Housing, Inc., is a Toronto-based REIT that focuses on acquiring Canadian purpose-built student housing assets. The acquisition marks the firm’s entrance to the Ottawa student housing market.
“With few high-quality housing options for students in the Ottawa market, 1Eleven is well-positioned for future high occupancy and rent growth, especially as enrollment continues to grow at nearby universities,” said Prince.
1Eleven is a 16-story purpose-built student housing accommodation (PBSA) that opened in September 2015. The property is considered the premier, off-campus housing option for students in the Ottawa market. At 111 Cooper St., the building is located approximately 400 meters from the University of Ottawa via a pedestrian bridge over the Rideau Canal. It is also less than 10 minutes from Carleton University.
1Eleven is highly-amenitized with a modern lobby, study lounges, a fully-equipped gym, a yoga studio, games and social lounges, on-site laundry facilities, on-site parking, secure bike storage, security and controlled access, and on-site maintenance and management teams. The property offers fully-furnished one- two- and four-bedroom residences and is 100 percent occupied for the 2018-19 school year.
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.
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