InterRent REIT
Corporate brand
UnclaimedInterRent REIT is a Canadian real estate investment trust focused on owning, upgrading, and managing residential apartment properties in Ontario and Quebec.
Last updated August 31, 2026
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Overview
InterRent Real Estate Investment Trust is a Canadian residential real estate investment trust headquartered in Ottawa, Ontario. The organization was founded in 2006 and became publicly listed on the Toronto Stock Exchange in 2007 under the symbol IIP.UN. Its business is centered on the ownership and operation of apartment buildings, particularly in Ontario and Quebec, rather than on consumer products or conventional retail services. InterRent's operating model has emphasized acquiring residential properties that it considers under-managed or in need of substantial improvement. After acquisition, the trust has sought to upgrade building systems, improve common areas and amenities, address maintenance and safety issues, and strengthen property operations. The strategy is intended to improve the quality and functionality of the rental properties while supporting the long-term performance of the portfolio. The company's significant markets have included Ottawa, Gatineau, Hamilton, the Toronto area, and Montreal. The trust expanded materially between 2009 and 2017, a period during which its portfolio doubled according to the cited reference material. In 2013, it bought three Montreal buildings for $35 million. In 2015, it acquired Stoney Creek Towers, a 518-unit apartment complex in Hamilton, for $51 million and announced the appointment of Brad Cutsey as president. In 2017, InterRent acquired a one-third interest in the proposed Trinity Station development near Ottawa's Bayview Station for $14.2 million. It also purchased two Montreal buildings on Saint Mathieu Street for a combined $53.75 million and a Hamilton apartment building on East 37th Street for $11.25 million. A major organizational change occurred in February 2018, when InterRent announced plans to internalize property-management functions. Before the transaction, property management had been provided by the CLV Group. InterRent paid approximately $38 million to CLV Group as part of the internalization, which was presented as a way to bring management activities inside the trust and remove a potential conflict of interest. The relationship was notable because CLV Group president Mike McGahan was also InterRent's chief executive officer at the time. As of April 2018, the cited Wikipedia material described InterRent as owning approximately 8,800 residential suites in Ontario and Quebec, with a portfolio value of about $1.66 billion. Those figures are historical and should not be treated as current portfolio statistics. The company's public profile has also included disputes concerning rent increases and capital work. At Stoney Creek Towers, tenants organized a rent strike in 2018 after InterRent applied for an Above Guideline Rent Increase. Residents argued that the work carried out was limited or cosmetic, while the company stated that it had spent $17 million on repairs and upgrades. The dispute led to demonstrations in Hamilton and at the company's Ottawa headquarters, as well as a protest near the chief executive's home. InterRent's brand identity is therefore primarily institutional and property-oriented. It presents itself through a portfolio of rental communities, building upgrades, resident services, and operational management rather than through packaged goods or a mass-market consumer proposition. Available reference material does not establish a separate consumer-facing sub-brand architecture, founder, current executive roster, current website, or current portfolio size.
History
InterRent REIT was established in 2006 as a Canadian residential real estate investment trust and entered the Toronto Stock Exchange in 2007 under the symbol IIP.UN. From its early years, the trust concentrated on apartment properties rather than commercial real estate or property development as its principal business. Its geographic focus developed around Ontario and Quebec, including Ottawa, Gatineau, Hamilton, the Toronto area, and Montreal. The trust's growth accelerated between 2009 and 2017. The available reference describes the portfolio as doubling during that period, reflecting a strategy of acquiring additional apartment buildings and improving the operating quality of properties that were viewed as under-managed. This approach combined real estate acquisition with renovations, maintenance work, safety improvements, and upgrades to building functions and amenities. In 2013, InterRent acquired three Montreal buildings for $35 million. In 2015, it purchased Stoney Creek Towers, a 518-unit apartment complex in Hamilton, for $51 million. The company said it intended to make significant improvements at the property, which it characterized as poorly managed. That same year, the company announced Brad Cutsey as president. The later history of Stoney Creek Towers became important to the public profile of the trust because the renovation program was followed by a dispute over an Above Guideline Rent Increase. InterRent continued expanding in 2017. It bought a one-third interest in Trinity Station, a proposed development near Ottawa's Bayview Station, for $14.2 million. It also purchased buildings at 2121 and 2255 Saint Mathieu Street in Montreal for a combined $53.75 million and acquired an apartment property at 3 East 37th Street in Hamilton for $11.25 million. These transactions illustrate the trust's focus on multi-unit residential assets in established urban markets and its willingness to combine direct building acquisitions with an interest in a proposed development. In February 2018, InterRent announced a change to its operating structure by internalizing property management. Previously, the CLV Group had provided property-management services. InterRent paid approximately $38 million to CLV Group in connection with the transaction. The stated rationale included bringing management functions under the trust's control and eliminating a potential conflict of interest. The arrangement attracted attention because CLV Group president Mike McGahan also served as InterRent's chief executive officer at the time. The Stoney Creek Towers dispute also emerged in 2018. After InterRent applied for an Above Guideline Rent Increase in May, approximately 80 to 100 tenants took part in a rent strike organized by the Hamilton Tenant Solidarity Network. Tenants argued that the improvements made to the complex were minor and cosmetic. InterRent maintained that it had invested $17 million in repairs and upgrades. In August, several dozen tenants traveled to Ottawa to protest at InterRent's headquarters and near McGahan's home. The protesters did not obtain a formal meeting with McGahan or other company representatives. As of April 2018, the cited reference described InterRent as owning about 8,800 suites in Ontario and Quebec, with those properties valued at approximately $1.66 billion. These are historical figures rather than current operating statistics. The available material does not provide a reliable current executive roster, current portfolio valuation, current suite count, or a verified corporate website. InterRent's documented history nevertheless shows a consistent emphasis on residential acquisition, property improvement, and increasing internal control over operations.
- 2018
Property management is brought in-house
[1]InterRent announced the internalization of property-management operations through a transaction involving CLV Group.
- 2017
Expansion through Hamilton, Montreal, and Ottawa-area investments
[1]InterRent acquired several apartment properties and a one-third interest in the proposed Trinity Station development near Ottawa's Bayview Station.
- 2015
Stoney Creek Towers acquisition
[1]InterRent acquired the 518-unit Stoney Creek Towers complex in Hamilton for $51 million and planned substantial improvements.
- 2013
Montreal acquisition
[1]The trust acquired three Montreal buildings in a transaction reported at $35 million.
- 2007
Toronto Stock Exchange listing
[1]InterRent became publicly listed on the Toronto Stock Exchange under the symbol IIP.UN.
- 2006
InterRent is founded
[1]InterRent was established as a Canadian residential real estate investment trust.
Products and positioning
A residential real estate investment trust focused on acquiring and improving under-managed apartment properties, with an emphasis on operational control, building upgrades, and rental communities in Ontario and Quebec.
Residential real estate
Residential apartment suites
InterRent's principal offering is access to rental apartment suites in multi-unit residential buildings owned or operated by the trust. Its portfolio has been concentrated in Ontario and Quebec, with documented activity in Ottawa, Gatineau, Hamilton, the Toronto area, and Montreal. The residential units are part of larger communities where the trust also manages shared building areas and property operations.
Residential property operations
Apartment communities and building amenities
Beyond individual suites, InterRent operates apartment communities that may include common areas, building systems, resident amenities, and other shared facilities. Its stated operating approach has involved improving poorly managed properties and investing in repairs, safety, functionality, and amenities after acquisition.
Property management · 2018
Property-management services
Property management is a core operational capability supporting InterRent's residential portfolio. In 2018, the trust announced that it would internalize functions previously provided by CLV Group. The move was intended to increase direct operational control and remove a potential conflict of interest associated with the previous arrangement.
Controversies
2018
Stoney Creek Towers rent-increase dispute
Following InterRent's application for an Above Guideline Rent Increase at Stoney Creek Towers, approximately 80 to 100 tenants joined a rent strike organized by the Hamilton Tenant Solidarity Network. Tenants said that the completed work was minor or cosmetic, while InterRent stated that it had spent $17 million on repairs and upgrades. Protesters later traveled to Ottawa to demonstrate at the company's headquarters and near the chief executive's home.
Brand decisions
2018
Internalize property managementStrategyBackground
Property-management functions had previously been supplied by CLV Group, whose president also served as InterRent's chief executive officer.
Action taken
InterRent announced that it would bring property management inside the trust through a transaction with CLV Group.
Aftermath
The transaction was intended to increase operational control and eliminate a potential conflict of interest associated with the previous management arrangement.
Transaction payment to CLV Group. Approximately $38 million (February 2018)
2017
Expand the residential portfolio and invest in Trinity StationM&ABackground
InterRent continued expanding its holdings in Ontario and Quebec while gaining an interest in a proposed Ottawa-area development.
Action taken
The trust acquired a one-third share in Trinity Station near Ottawa's Bayview Station, two Montreal buildings on Saint Mathieu Street, and an apartment building on East 37th Street in Hamilton.
Aftermath
The transactions broadened InterRent's presence in Montreal and Hamilton and added a development interest to its apartment-property portfolio.
Reported transaction values. $14.2 million for the Trinity Station interest; $53.75 million for the two Montreal buildings; $11.25 million for the Hamilton building (2017)
2015
Acquire Stoney Creek TowersM&ABackground
InterRent pursued its strategy of acquiring apartment properties that required operational and physical improvement.
Action taken
The trust purchased the 518-unit Stoney Creek Towers complex in Hamilton and planned significant repairs and upgrades.
Aftermath
The property later became the center of a tenant dispute concerning the scope of improvements and an Above Guideline Rent Increase.
Acquisition price. $51 million (2015)
Recent events
Sources2 sources
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