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