Opportunity identified
Realstar secured an off-market forward purchase of a 144-unit new construction in Ottawa's Dow's Lake area - steps from Little Italy, the Civic Hospital, and major transit - turning what would have been a condo into a purpose-built rental.
Units
144
Lease-Up
<6 Months
Acquired
2019
Status
Sold 2024
Strategy
Realstar pioneered the off-market forward purchase structure with this asset, locking in favourable pricing before the building was complete or market-tested, rigorously underwriting lease-up and market risk while leaving construction risk to the vendor, and conducting careful developer diligence on covenant strength and construction experience.
Realstar worked closely with the developer to integrate specified in-suite finishes - livable suite sizes, quartz countertops, built-in breakfast bars, durable finishes, and energy-efficient HVAC upgrades - plus a rooftop patio with spectacular views.
Execution
Realstar completed the full lease-up in under six months, combining new technologies with on-site leasing and positioning tailored to the building's urban, walkable, and culturally rich neighbourhood.
The team maintained stable occupancy at higher rents throughout ownership, added amenities like a parcel system, and overcame prospect concerns about parking through alternate locations and targeted demographics - culminating in a highly successful sale in 2024.