Maebrook Rideau
The property is located in the up-and-coming neighbourhood of Vanier, within walking distance of Rideau River and the beautiful Riverain Park.
The acquisition
Rideau is a compound consisting of two multi-family rental buildings acquired by BST Canada and its partners in 2019. A little over one acre in total size, these properties were purchased as “Class C-” security issues, poor management, and significant deterioration both inside and out. Although the buildings were in a state of complete disorder, they were still situated in an up-and-coming neighbourhood with close proximity to the highway, public transportation, the Rideau River, Ottawa University, and numerous parks, outdoor sports and leisure facilities. This was an ideal acquisition which aligned perfectly with our value-add strategy.
The value-added company plan
A complete renovation was executed on both the interior and exterior of the two buildings, elevating the properties to BST’s high standard. This included floor-to-ceiling renovations in the units, common areas and hallways. Balconies, slabs and railings were replaced. The parking lot was repaved and new onsite amenities were added including a laundry room, private parking area and secure bike storage facility.
The result
Rideau is an attractive apartment building, offering many bachelor and one-bedroom units, ideal for local professionals and students. BST Canada and its partners successfully raised the overall value of the property, enhanced the neighbourhood and community, and elevated the quality of life for residents, giving hundreds of people new homes.
Gallery
350 mayfield st
