The acquisition
Rideau is a compound comprising two multi-family rental buildings acquired by BST Canada and its partners in 2019. Covering just over one acre, these properties were purchased as “Class C-” due to security issues, poor management, and significant deterioration both inside and out. Despite their disordered state, the buildings were located in an up-and-coming neighborhood, close to the highway, public transportation, the Rideau River, Ottawa University, and numerous parks, outdoor sports, and leisure facilities. This acquisition was ideal and perfectly aligned with our value-add strategy.
The value-added company plan
A comprehensive renovation was carried out on both the interior and exterior of the two buildings, bringing them up to BST’s high standards. This included floor-to-ceiling updates in the units, common areas, and hallways. Balconies, slabs, and railings were replaced. The parking lot was repaved, and new on-site amenities were added, such as 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.
