Prestigious Properties acquires central Alberta mobile home parks
The investment group specializes in acquiring undervalued multi-family assets and purchased the three properties for $6.3 million
Copyright © Western Investor
Three mobile home park in central Alberta town Canmore has sold for $6.3 million, Reed Newnham of Avison Young Edmonton reports.
Prestigious Properties Group has acquired three mobile home parks with over 160 pads, for well below appraised value. Prestigious Properties acquires and manages undervalued apartment buildings and mobile home parks in Western Canada.
“In Western Canada, investment real estate continues to be in high demand and as such, we are excited about this accretive investment opportunity,” said Mike Hammerlindl, vice-president of acquisitions for Prestigious Properties Group. “Existing mobile home parks provide excellent yield and can still be purchased well below replacement costs if one is a patient buyer.”
The properties total 40.95 acres and were listed for $7.8 million.
The mobile home parks are located in the central Alberta communities of Rocky Mountain House, Eckville and Drayton Valley.
No. of Units: 160
Lot Size: 40.95 acres
Property Type: Multi-family
Name of Brokerage: Avison Young
Name of Buyer: Prestigious Properties Group Ltd.
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