OTTAWA – Brookfield Property Partners (TSX: BPYPP) a real estate company of Brookfield Asset Management Inc., proudly announced today their new acquisition of marquee Ottawa heritage property 24 Sussex Drive.
Boasting significant historical value despite falling into disrepair, Brookfield Property Partners, said they plan to invest heavily in the property, returning the single-family home to its former glory as one of the most sought after short-term rentals in Ottawa.
“Brookfield Properties has a long history of buying up affordable single-family homes and flipping them into rental properties no one can afford,” said the company in a press release. “24 Sussex will be another exciting addition in our large portfolio of Canadian residential real estate.”
According to the company, Brookfield says it plans to take the 12000 square foot, 34 bedroom home and convert it into 34 1 Bedroom + Den private rental units with a luxury kitchenette with quartz countertops and spa style showers.
“For too long this architectural gem has sat empty. With our generous investment, we can help revitalize this property and the surrounding neighbourhood by turning it into a technically usable property that will remain mostly vacant because nobody will be able to afford the rent,” said a Brookfield company spokesperson.
The acquisition of 24 Sussex represents an exciting expansion into Ottawa for Brookfield, which up until now has focussed its efforts on owning large portions of Toronto, Vancouver, Calgary, and even parts of the United States.
“With a long history of owning large parts of the country, we are proud to say that we officially own Canada’s capital”
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