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InterRent REIT Buys Burlington Properties for $21M

InterRent REIT Buys Burlington Properties for $21M

InterRent REIT has reached an agreement to acquire a pair of multifamily properties in Burlington: a 57-unit mid-rise building at 455 Maple Ave (above), and a 66-unit townhouse complex at 1259-1275 Brant St. Totaling 123 suites, the properties are being sold by the same vendor, for $21M. The deal is set to close next month. The properties are well-maintained, the REIT said, but their full potential and value will be realized once they’re “repositioned to InterRent's standards." The acquisitions will increase synergies with the firm’s current portfolio in Burlington, a market CEO Mike McGahan said it has targeted for growth.