Jan 9th, 2024
NEWS RELEASE – OTTAWA COMMUNITY HOUSING ACQUIRES 311 HOMES FROM MINTO APARTMENT REIT TO PRESERVE AFFORDABLE HOUSING IN OTTAWA.
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OTTAWA — January 9, 2024 — Ottawa Community Housing (OCH), a leading non-profit community and affordable housing provider in Canada, is proud to announce that it has entered into a binding agreement to acquire two Minto Apartment REIT (Minto) established communities, reaffirming OCH’s dedication to protecting land and affordable housing in Ottawa. The transfer of ownership will close on February 15, 2024. Recognized for its commitment to community-centric development strategies, OCH continues to blend new constructions and acquisitions to increase affordable housing options for Ottawa’s low- and moderate-income households.
Strategic Milestone in Preserving Affordability
The City of Ottawa needs more affordable housing. The demand for housing solutions accessible to low- to moderate-income levels has never been more pressing. This acquisition between Minto, a publicly traded REIT, and OCH, a community and affordable non-profit housing provider, marks a significant milestone in increasing and protecting Ottawa’s affordable housing supply.
Under OCH’s ownership, all current tenants will remain housed. By limiting rent increases to cover cost recovery only, OCH achieves its long-term goal of maintaining affordable rents. The rents are in line with the guidelines set by the Canada Mortgage and Housing Corporation (CMHC) for affordable market rents. ARRIV Properties, the new banner for OCH’s affordable housing rentals, will manage both properties and ensure a smooth transition with minimal disruptions for current tenants.
The properties, Tanglewood and Chesterton, are near each other in the Nepean area of Ottawa, just west of the inner core. The Tanglewood community was built in 1975 and comprises 122 three-bedroom townhomes. Chesterton was built in 1969 and includes 154 three-bedroom townhomes and 35 four-bedroom townhomes (189 townhomes in total).
- Along major transit corridors and near grocery stores, places of employment, schools
- Parks, bike paths, and sports facilities nearby
- Suites feature a dishwasher, washer/dryer, private backyards, outdoor space, and an on-site children’s playground.
“Collaborating with Minto Apartment REIT is a notable example of how publicly traded companies and not-for-profit housing sectors can work together. This partnership represents a successful acquisition and shows our commitment to innovation and community development. Our due diligence process with Minto highlights the quality of our teams and our mutual dedication to undertaking this complex but rewarding transaction. This acquisition of 311 homes is a significant milestone for OCH, as we continue to provide sustainable and affordable housing options while prioritizing community-focused approaches.”Stéphane Giguère, CEO, Ottawa Community Housing
“Ottawa needs more affordable housing, and this acquisition plays a crucial role in making housing more accessible and more affordable for our residents.
As the City of Ottawa aims for OCH to contribute about 300 affordable homes annually, this acquisition not only preserves existing housing for residents it also ensures more people have lasting housing options that remain affordable.His Worship Mark Sutcliffe, Mayor of Ottawa
OCH’s acquisition of 311 homes is a testament to our unwavering dedication to expanding affordable and sustainable housing in Ottawa. We believe that everyone deserves a safe and affordable place to call home. Under OCH/ARRIV Properties’ ownership, current tenants can rest assured that affordability will be preserved, ensuring they can continue to reside securely without fear of displacement. Our proactive approach highlights the pivotal role of collaboration in fortifying the city’s affordable housing landscape and preserving both land and affordable housing for the betterment of our community.Theresa Kavanagh, Chair of the OCH Board
“Minto Apartment REIT is pleased to be playing a role in maintaining affordable housing in Ottawa,” said Jonathan Li, President, and CEO of Minto Apartment REIT. “This transaction is truly a win-win because it helps maintain affordability in the assets, and at the same time, the proceeds generated from the transaction strengthen the REIT’s position to further increase housing supply across the country as we invest in our existing portfolio and new purpose-built rental developments.”Jonathan Li, President, and CEO of Minto Apartment REIT
For Media Inquiries, please contact:
Manager, Corporate Communications
Ottawa Community Housing Corporation
About Ottawa Community Housing: Ottawa Community Housing provides approximately 15,000 homes to about 32,000 tenants, including seniors, families, individuals, and people with disabilities, within many communities across the City of Ottawa. OCH houses a diverse population of varying languages, ethnicities, and cultures. OCH is the largest social, community, and affordable housing provider in Ottawa and an industry-leading builder of affordable housing. To learn more about Ottawa Community Housing, visit www.och-lco.ca.
About ARRIV Properties
ARRIV Properties represents a new concept to fill the Ottawa affordable rental market gap. ARRIV Properties is a new banner for OCH’s affordable housing rentals. It offers homes at average or below-average market prices, setting the standard for modern living and lifestyle at an affordable price. It is an exciting milestone because it signals another offering in the housing continuum by providing apartments and townhomes at affordable prices for low- to moderate-income households.
Ottawa Community Housing operates as ARRIV Properties.
About Minto Apartment Real Estate Investment Trust
Minto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in Canada. The REIT owns a portfolio of high-quality multi-residential rental properties located primarily in urban centers in Canada’s major markets of Toronto, Montreal, Ottawa, and Calgary. For more information on Minto Apartment REIT, please visit the REIT’s website at https://www.mintoapartmentreit.com.