Mandevilla Apartments exterior — 2119 St. Laurent Blvd, Ottawa, Ontario
Multi-Residential Modular Active Development

Mandevilla Apartments

2119–2121 St. Laurent Blvd, Ottawa, ON

Project Overview

64-Unit, 6-Storey Rental Community in Ottawa's St. Laurent Corridor

Mandevilla Apartments is a 64-unit, 6-storey rental community at 2119–2121 St. Laurent Blvd in Ottawa, Ontario. The project features a mix of studio, one-bedroom, and two-bedroom suites in the St. Laurent community, a gentrifying neighbourhood close to the St. Laurent Shopping Centre and bus station.

The property is purchased and a pre-consultation meeting with the City has been completed. The existing triplex on site is fully leased and cashflow positive. Financing on the property has been extended for a 5-year term with no pre-payment penalty, allowing the project to convert into a CMHC-backed construction loan when ready to build.

The site sits on a large lot along a minor corridor slated for mid-rise development under the new Zoning By-law. The appraised land value increases from $1.2M to $2M once the new ZBL (CM2) takes effect, delivering immediate embedded value to the project.

64 Units: Studio, 1BD and 2BD 6-storey mid-rise with 49,952 SF GFA and 37,043 SF rentable area across a 19,602 SF site
Zoning Uplift: R3A to CM2 Land value increases from $1.2M to $2M upon new by-law approval. CMHC-backed construction financing available.
Prime Ottawa Location Close to Highway 417, St. Laurent Shopping Centre, Train Yards, and bus station. Directly across from a public school.
27.6% IRR / 2.63× Equity Multiple (Projected) 82-month investment term (7 years). Return of capital upon stabilization in year 3, then quarterly distributions followed by a lump sum at project sale.
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Mandevilla Apartments exterior rendering
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