Minto Apartment Real Estate Investment Trust (Minto Apartment REIT) of Ottawa has expanded its Calgary inventory with the purchase of two apartment rental buildings in the Quarry Park community for less than their assessed value.
Minto paid $63.8 million for the total of 199 apartments, which it bought from Remington Development Corp. The buildings are 98 per cent occupied with an average rent of $1,506 per suite, according to Minto.
The properties are close to a 144-unit multi-family rental that Minto acquired earlier. With the latest acquisition, Minto becomes the only multi-family landlord in trendy Quarry Park.
The purchase price for the Quarters pencils to approximately $321,000 per suite, representing a 4.1 per cent capitalization rate (based on in-place net operating income) and a 6.25 pert cent discount to the property's appraised value. The purchase price will be satisfied with a term mortgage and from the REIT’s existing credit facility. The transaction closed in January 2019.
Michael Waters, Minto Apartment REIT’s CEO, said the Calgary transaction will increase its presence in Alberta from 8 per cent of the gross book value of its portfolio to 12 per cent.
From | William Wright Commercial, Vancouver. William Wright agents Will Hall and Cory Wright sold the following:
DEAL | A 26-unit apartment building sold at $355,768 per suite. Seventh Avenue, New Westminster. Price: $9.25 million.
From | Frontline Real Estate Services Ltd., Langley. Frontline agent Todd Bohn sold:
DEAL | A nearly 25-acre industrial development site with easy access to Highway 1 and Abbotsford International Airport. Simpson Road, Abbotsford. Price: $9.5 million.
From | Avison Young Commercial Real Estate, Vancouver. Agents Gord Robson and Ryan Kerr brokered:
DEAL | 12-unit, two-building industrial complex totaling 22,707 square feet. Valmont Way, Richmond. Price: $7 million.
Avison Young agent Chris Wieser sold:
DEAL | 62-unit highrise apartment near the Davie Village, sold for $580,806 per suite. Harwood Street, Vancouver. Price: $36 million.
From | NAI Commercial, Vancouver. NAI agents Terry Harding, Brandon Harding and Jackson Tang sold:
DEAL | 21-unit apartment building built in 1966, sold for $500,000 per suite. West 2nd Avenue, Vancouver. Price: $10.5 million.
From | JLL Canada, Edmonton. JLL agent Samuel Dean sold:
DEAL | 249-unit highrise apartment with ground level commercial space. 121 Street NW, Edmonton. Price: $67.2 million.
From | Marcus & Millichap Real Estate Investment Services, Vancouver. Marcus & Millichap agent Mike Guinan-Brown sold:
DEAL | 18,000-square-foot hotel property with residential and commercial redevelopment potential. Third Avenue, Squamish. Price: $4.5 million.
DEAL | 23-unit apartment building on a 15,247-square-foot lot. Second Avenue, Mission. Price: $3.1 million.
From | CBRE Edmonton. CBRE agent Bradley Gingerich sold:
DEAL | 6.20-acre residential development site. 110 Street NW, Edmonton. Price: $6 million.
From | Lee & Associates, Vancouver. Lee & Associates agents Chris McIntyre and Ryan Barichello sold the following:
DEAL | Two iconic retail properties along East Vancouver’s ‘The Drive’ totaling 11,654 square feet. Commercial Drive, Vancouver. Price: $8.61 million.
From | Shindico Realty, Winnipeg. Shindico agent Harry DeLeeuw brokered:
DEAL | 1.95-acre industrial property wth 6,336-square-foot manufacturing building. Penner Road, Winnipeg. Price: $1.25 million.
Shindico agent Ian Corbett sold:
DEAL | Two parcels of agricultural land totaling 103 acres. Loudon Road, Macdonald, MB. Price: $1.72 million.