Timbercreek Asset Management of Toronto has bought a six-building multi-family portfolio in Calgary for $142.48 million as it prepares for expansion in Western Canada.
The portfolio was purchased from Har-Par Investments.
The done deal consists of 685 suites at about $208,000 per suite, according to Bradley Gingerich, senior vice-president of the CBRE National Apartment Group in Edmonton.
Timbercreek already has about 21,000 rental units in Canada and had recently purchased 400 rental units in Calgary.
Ugo Bizzarri, chief investment officer for Timbercreek, told RENX that he believes there will be more growth in the Calgary and Alberta economy over the next three to five years.
Timbercreek currently owns rental buildings in both of Alberta’s largest cities.
From | Western Wealth Capital, North Vancouver. Western Wealth reports the following:
DEAL | Purchase its twenty-fourth multi-family building in Phoenix, AZ, a 244-unit rental apartment complex. Brokered by Colliers International HSK, Phoenix. Price: US$16.7 million.
From | Macdonald Commercial Real Estate Services, Vancouver. Macdonald agents Stuart Wright and Nick Goulet sold the following:
DEAL | A 5,700-square-foot industrial building with store front space and redevelopment potential. Sold at a 2.4 per cent cap rate. Pemberton Avenue, North Vancouver. Price: $3 million.
From | HM Commercial Group – Macdonald Realty Kelowna. HM Commercial agents Jeff Hudson and Marshall McAnerney brokered the following sales:
DEAL | Thirty acres of residential development land with density planned for 186 residential units. Glenrosa Road, Kelowna. Price: $10.5 million.
DEAL | A 1.5-acre assembly of six properties with potential for a 26-storey, high-rise residential development. Bernard Avenue, Kelowna. Price: $9.4 million.
DEAL | 22,580-square-foot industrial building on a 1.09-acre lot, sold for $600,000 above assessed value. Alcan Road, Kelowna. Price: $2.5 million.
From | William Wright Commercial, Vancouver. William Wright agent Zuber Jamal reports the following sale:
DEAL | 11,700-square-foot development site, including a commercial building, near the Broadway-City Hall Canada Line SkyTrain station. West Broadway, Vancouver. Price: $22.5 million.
From | Lee & Associates, Vancouver. Lee & Associates agent Ryan Saunders sold the following:
DEAL | Five-unit industrial property zoned for manufacturing use on an 8.67-acre lot, sold for $4.4 million per unit. Unsworth Road, Chilliwack. Price: $22 million.
From | HQ Commercial, Vancouver. HQ agent Mark Goodman reports the following:
DEAL | A 10-unit Kitsilano co-op building on a 5,900-square-foot lot, sold at $760,000 per unit. Arbutus Street, Vancouver. Price: $7.6 million.
DEAL | The Leeward, a 48-unit, 11-storey high-rise building on a 29,223-square-foot lot, sold for more than $475,000 per unit. West 12th Avenue, Vancouver: Price: $22.8 million.
From | CBRE, Vancouver. CBRE agent Lance Coulson reports the following:
DEAL | East Vancouver rental building, Stanley Apartments, sold for $327,800 per suite, located within the Grandview-Woodland Plan. East Pender Street, Vancouver. Price: $3.27 million.
From | JLL Canada. JLL agent Patrick McEvay sold the following:
DEAL | 21-unit, four-storey rental building Casa Jubilee, situated on a 16,200-square-foot lot. Jubilee Avenue, Victoria. Price: $5.25 million.
From | Avison Young Commercial Real Estate, Vancouver. Avison agents Michael Farrell and Russ Bougie sold the following:
DEAL | Multi-tenant industrial building with 30 units sold for $289,133 per unit. Manufacturers Way, Abbotsford. Price: $8.67 million.
