Cherryhill Village sold for $571 million: real estate website

Cherryhill Village has been sold for $571 million, reports a real estate news website.

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Cherryhill Village has been sold for $571 million, reports a real estate news website.

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The website, Real Estate News Exchange (renx.ca), said in an article Monday that a Toronto-based company, Park Property Management, purchased the property from Minto, KingSett Capital and a private, Ottawa-based partner.

The Oxford Street site includes 12 apartment towers, a shopping center and offices.

Renx.ca quotes TD Securities Managing Director David Bloomstone as saying it “will be the largest reported multi-residential asset transaction in Canada” in terms of number of units (2,114) and value in dollars.

Owned by the German Otto family, Park Property Management is a Canadian company founded in the 1960s by Werner Otto, said renx.ca.

More to come at lfpress.com.

Edwin S. Wolfe