Minto sells 826-unit Parkwood Hills portfolio to Woodland Capital and Forum
The $72-million transaction of 34 buildings in Parkwood Hills marks one of the largest residential real estate deals in recent Ottawa history and Woodland Capital's first acquisition outside Quebec.
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Minto has sold 34 buildings containing 826 residential units in Parkwood Hills to a joint venture of Montreal-based real estate investment firm Woodland Capital and property developer Forum, closing a transaction that ranks among the largest residential real estate deals in recent Ottawa history.
The portfolio, located at Meadowlands Drive and Fisher Avenue in the Parkwood Hills neighbourhood, occupies nearly 26 acres and includes concrete mid-rise rental apartment buildings, low-rise walk-ups, and townhomes totalling about 800,000 square feet. Units range from one- to three-bedroom apartments and two- to three-bedroom townhomes.
Zachary Burak, Woodland Capital's director of acquisitions, said in an interview the portfolio fit the firm's criteria exactly. "It's a difficult market to enter in Ottawa. It's largely insular, and we would never be able to assemble a portfolio like this one by one. It really gave us an opportunity to buy scale, and the timing was great."
For Woodland Capital, based in Montreal, this is both the largest acquisition to date and the first property acquisition outside Quebec. Forum, which has offices in Edmonton, Burlington, and Westmount, Quebec, is also making its largest acquisition to date. The two firms partnered for the first time on this deal.
Burak noted the company has been trying to enter the Ottawa market for some time, drawn by similarities to Quebec. "It's the closest major market to our home base in Montreal. It has a strong employment base, strong post-secondary institutions, and it offers a good quality of life," he said. "The properties are performing very well. There is very limited vacancy."
Forum and Minto officials did not respond to requests for comment. Transaction terms were not disclosed.
The deal dwarfs recent Ottawa rental apartment transactions. The previous largest number of units to change hands in an Ottawa rental apartment sale since 2024 was 258 units, when Lankin Investments acquired the 23-storey Riversides apartment complex on Lycée Place from GWL Realty Advisors for $72 million earlier this year.
The facts
How many units did Minto sell in the Parkwood Hills portfolio?
Minto sold 826 residential units across 34 buildings in Parkwood Hills to a joint venture of Woodland Capital and Forum.
What is Woodland Capital's home base?
Woodland Capital is based in Montreal.
Is this Woodland Capital's first acquisition outside Quebec?
Yes, the Parkwood Hills portfolio is Woodland Capital's first property acquisition outside Quebec, as well as its largest acquisition to date.
What types of residential buildings are in the Parkwood Hills portfolio?
The portfolio includes concrete mid-rise rental apartment buildings, low-rise walk-ups, and townhomes, with units ranging from one- to three-bedroom apartments and two- to three-bedroom townhomes.
