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REIT buys Edmonton mixed-use rental portfolio for $205M

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REIT buys Edmonton mixed-use rental portfolio for $205M

A three-complex, high-rise apartment portfolio with a total of 832 rental suites, plus commercial space, sold for $205 million, reports Marcus & Millichap.

Property type: Multi-family

Locations: Oliver Place: 10130 117 Street NW; Grand Central Manor: 10904 102 Avenue NW, 19094 109 Street NW, and 10903 103 Avenue NW; Riverside Towers: 8610/20 Jasper Avenue NW, Edmonton

Number of units: 832 rental suites combined

Commercial property size: 38,702 square feet (approx.)

Built: Oliver Place, 1968; Grand Central Manor, 2002; Riverside Towers, 1971.

Sale price: $205 million

Date of sale: January 15, 2020

Buyer: Centurion Apartment Real Estate Investment Trust

Brokerage: Marcus & Millichap, Edmonton

Brokers: Bradley Gingerich, Paul Chaput, Bradyn Arth and Jane Woertman, Institutional Property Advisors (a division of Marcus & Millichap)

 

Story by: Western Investor