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InterRent Real Estate Investment Trust recently announced it has entered into an agreement to acquire a property in Burlington, Ontario. The property, consisting of two high-rise buildings, has a total of 230 suites.

The acquisitions two buildings, located at 2386 and 2400 New Street, each have 115 suites with a total of 39 1-bedroom, 183 2-bedroom and eight 3-bedroom suites with 253 parking spaces. Both buildings come with unused storage space. The property is close to Highway 403 and Lake Ontario and is walking distance to a park and other amenities.

InterRent's newest acquisition in Burlington, Ontario.

The acquisition is expected to be completed by March 7, 2012 at a purchase price of $19,910,000 or $85,565 per suite.

Mike McGahan, Chief Executive Officer of InterRent says, “This acquisition adds more scale to our operations in Burlington, which based on our experience is a strong market. We feel that there is untapped value in the buildings that we can capture through investing in the property and repositioning the site similar to what we have done with our other Burlington location.”

InterRent has gone through significant repositioning of the portfolio since 2009, disposing of assets that are non-core to its growth objectives and focused on structured growth. This addition to InterRent’s 4310 existing suites represents a five per cent suite increase in InterRent’s portfolio in an accretive manner.