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Red Deer's Plaza Apartments sells for $7.2 million

A 72-unit, 4-building apartment complex in Alberta sold for $7,165,000 this November
plaza apartments
Plaza Apartments is located just east of downtown Red Deer.
Price: $7,165,000
No. of Units: 72
Property Size: 53,520 SF
Property Type: Multi-family
Date of Sale: 11/04/16
City: Red Deer
Province: Alberta
Name of Brokerage: The National Apartment Group, CBRE Limited Edmonton
A 72-unit apartment complex in Red Deer has sold for $7.2 million this month, The National Apartment Group has announced. 
Plaza Apartments consists of four buildings with a total rentable area of 53,520 square feet. Of the 72 units, there are 24 one-bedroom suites and 48 two-bedroom suites. The properties have a net operating income of $495,484 per year and a cap rate of 6 per cent. The site is just east of Red Deer’s downtown core and within walking distance of the Red Deer River and Waskasoo Park. 
The buildings are located at 5305, 5325, 5405 and 5425 47A Ave., Red Deer. 

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