An 83-unit, nine-storey rental building built to stabilize, refinance through CMHC, and return investor capital.
The Project
Henry Properties is building a nine-storey, 83-unit Class A rental building at 190 Beechwood Avenue. The brick-clad mid-rise replaces a former auto shop, designed for efficient construction: standardized layouts, ground-floor retail, and direct access to Ottawa's core. Construction begins Q4 2026.
Why Ottawa
Ottawa is a defensive market. It doesn't deliver the price spikes of Toronto or the resource-driven swings of Calgary, but it also doesn't crash the way speculative markets do. For investors looking for risk-adjusted returns rather than home-run appreciation, that profile is the entire pitch.
130,000+ federal government workers provide a recession-resilient rental demand base that persists through economic cycles.
This is the most consequential change in a generation for Ottawa developers. Council approved what the City itself calls "the most housing-friendly Zoning By-law in the City's history."
Ottawa ranked first in North America for quality of life in 2026, with parks, waterways, trails, and a bike-friendly core.
Ottawa Market
Average purpose-built rents sit at $1,594 for a one-bedroom and $1,926 for a two-bedroom, supporting Forto's stabilization and refinance assumptions.
Ottawa's purpose-built vacancy rate is about 3.0%, and under 1% for lower-rent units, among the tightest in Canada.
Owning costs roughly $650 more a month than renting in Ottawa, pushing demand toward rental.
New rental starts hit an 11-quarter low in Q4 2024. The projects that do deliver enter a market with limited competition.
more expensive to own than rent in Ottawa (2BR average)
mortgage-payment-to-income ratio for first-time buyers
renter households added in the last five years
Location
Beechwood has been Ottawa's address of choice for professionals, embassy staff, and federal workers for forty years. The corridor is physically built out, almost no vacant lots, very little assembly opportunity, few new mid-rise rental coming. What's there is scarce. That scarcity is the opportunity in this investment.
Main bus line on Beechwood, between St. Laurent and Rideau stations.
Immediate green space.
Plus 10+ embassies and consulates nearby.
Multi-use pathway access.
Ottawa's primary dining and retail district.
8 minutes to employment and government nodes.
Investment Thesis
Ottawa's purpose-built rental pipeline is contracting while population growth accelerates. Replacement costs now exceed market values, which makes new supply unviable for most developers. The projects that deliver will enter a market with limited competition, strong pricing power, and a tenant base that stays.
The Opportunity
investor equity multiple
gross target IRR
Class A average annual return
return of capital at exit
minimum investment
12% preferred return to limited partners. CMHC-insured financing.
Direct construction oversight by Henry Properties.
Strategy
Accredited investors commit through a private placement. Limited Partners receive a 12% preferred return before any GP distributions.
Henry Properties manages construction directly and delivers an 83-unit mid-rise with CMHC-insured financing to reduce rate risk.
Lease-up begins in 2028 across a unit mix designed for Ottawa's renter base, in a market with about 3% vacancy.
On stabilization, the fund accesses CMHC long-term financing to return investor capital. Final exit is by sale or continued hold.
Timeline
Closing Date for 1st Property (190 Beechwood — July 2026)
Building Permit Application
Closing on 2nd of two properties (9 Marier — Nov 2026)
Permit issuance and Construction Start
Construction Halfway Point
End of Construction
Lease up & Stabilization
Exit / Distribution
Portfolio
Seven urban infill sites in primary markets near transit and amenities, across leasing, construction, and pre-development. Led by Dean and David Michaud, who combine over 15 years of Ottawa development experience with legal and finance expertise. They are actively involved — as principal, co-developer, or development partner — in the development of 500+ doors in purpose-built residential rental projects in Ottawa.
15+ years developing Ottawa infill, hands-on from acquisition to delivery. Law degree, University of Ottawa.
Legal and finance background — former Legal Director at Fiera Capital, senior legal roles at National Bank. JD and LL.M.
The Opportunity
Forto's first release is open to a limited group of accredited investors. It's a real, CMHC-insured development on a site Henry already owns, structured to return investor capital first and share the upside through the hold. The best next step is a short conversation.
Book a call
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