Homestead Land Holdings Multi-Res Portfolio (Kingston & Ottawa)
850 Units Comprised of 8 Buildings + 2 Townhome Complexes in Two Markets
Cushman & Wakefield Kingston was engaged through a long-standing client relationship to undertake the disposition of a multi-building portfolio split between the cities of Ottawa (Tier I market) and Kingston (Tier II market) in conjunction with a third-party brokerage that was operating in neither city. Although comprised of a variety of building profiles, it was the client’s preference to sell the properties as a single portfolio.
The listing and sale process occurred during the COVID pandemic. A majority of the third-party brokerage team were working remotely and COVID restrictions and “best practices” protocols and precautions needed to be managed in interactions with the client, inspections and showings to ensure the health and safety of all concerned.
Our two teams collaborated well remotely through an online data room and virtual meetings. We ensured that Due Diligence reports were completed (i.e. environmental assessments, building condition reports) in an effort to limit the Due Diligence time period/risk, and visits to the buildings by contractors. Professional marketing materials were prepared, including a CIM featuring in-depth analysis for all properties. Both teams reviewed their internal databases for investors with capacity to purchase a portfolio of this magnitude and a detailed list of prospects was created for introduction to the portfolio.
It was determined the offering would be presented through an unpriced bid-process.
After a carefully organized tour schedule for both cities, multiple offers were received on bid closing. We were able to leverage these to a successful sale completion, facilitated by the diligent attention to detail and value-added services provided by Cushman & Wakefield Kingston and our partners during the preparation, marketing, negotiation and Due Diligence stages of the process.