We are thrilled to have recently announced the purchase of 160 Chapel Street, a rental apartment building in Ottawa, Ontario, for $67 million CAD. The 21-story, 370 suite property is the first Canadian acquisition for the Trust since its IPO in 2012, thereby adding to our balanced North American portfolio.
The property features furnished and unfurnished suites with a mix of bachelors and one and two bedroom floor plans. It has a prime location in an existing multi-unit residential neighborhood with stable occupancy. There are also four commercial units located on the ground floor, comprised of 7,010 square feet of retail space.
"160 Chapel provides solid cash flow stability and is a good investment in the Canadian market," said K. Rai Sahi, Chairman and CEO of the Morguard North American Residential REIT. "The acquisition was strategic to the REIT's focus to acquire high quality assets resulting in dependable income for stockholders."
With this new acquisition in Ottawa, we now own interests in more than 13,000 units in North America, at 15 properties in Canada and 31 properties in the U.S.
So Many Morguard Options
Our apartment portfolio expands across North America, giving our renters an excellent selection of locations so that they can find the perfect Morguard community to call home. Our real estate portfolio consists of 15 Canadian residential apartment communities located in Alberta and Ontario and 31 U.S. apartment communities located in Alabama, Colorado, Florida, Georgia, Illinois, Louisiana, North Carolina and Texas. Browse our portfolio of properties to find that perfect place to call home.
We offer many options and amenities that complement your lifestyle, ranging from high-rise towers, to low-rise, garden-style settings, to walk ups in gated communities. We are committed to providing an exceptional living experience in our apartment homes. Our professional on-site community managers and maintenance staff are dedicated to providing unrivaled customer service. We take the time to understand our residents and to meet all of their expectations.
With the growth of our diverse range of properties comes a unique ability and responsibility to contribute to a sustainable future in the communities where we operate. Morguard embeds the principles of sustainability into our business to create better places for people to live, work and play. Learn more about our commitment to sustainability.
Love Where You Live and Where You Work
We appreciate the opportunity to bring new members of the Morguard team onboard and we would like to hear from anyone you may know who wants to work with a thriving and socially responsible management company. There are new opportunities as we continually build our pool of talented and dedicated employees.
We are always looking for talented and enthusiastic individuals who want to work in a positive environment, and who are also passionate about charitable causes. Recent examples include our staff participating in the LLS Night Walks, promoting purchases thru AmazonSmile, canned food drives, community car washes and a charity golf tournament in Florida! We will continue to give back to communities where our employees live and work.
If you know someone who is a good fit for our culture at Morguard, consider us for those seeking jobs in apartment management and property management.
We are very pleased to add another location to reflect our brand and to infuse the core values we embody on-site and in the greater community. Our team is enthusiastic about being part of the community in Ottawa, serving our residents and businesses, and increasing awareness about what Morguard stands for.