Property Purchase
Henday Suites at 17626 63 St.
The Equiton Residential Income Fund Trust (The Apartment Fund) has purchased a newly built, four-storey rental complex in Northeast Edmonton. The addition represents Equiton’s third property in Alberta and its ninth building acquisition of 2024. The property, located at 17627 63 St. NW in the McConachie neighbourhood, comprises 277 residential units featuring generous, family-friendly layouts and condo-style amenities, including a rooftop patio and barbecue space, social areas, gym and yoga rooms, and a theatre. Residents will enjoy convenient access to ample greenspace, downtown access, and public transit, as well as schools, recreational spaces, and numerous entertainment options. With the inclusion of the property, this year’s additions to the Apartment Fund totaled more than $275M, excluding transactional costs.
WHY WE CHOSE TO ADD THIS PROPERTY TO OUR PORTFOLIO:
Stable Cash Flow: New buildings offer stable cash flows and require lower expenditures for capital improvements, maintenance, and unit turnover compared to older buildings.
Portfolio Expansion: Edmonton is a growing city, and acquiring additional multi-residential properties there enables us to expand our portfolio and enhance our asset base. This strategic growth allows us to leverage management synergies and achieve economies of scale, optimizing our operations and maximizing returns.
Operating Efficiency: As Equiton Apartment Fund (Equiton Residential Income Fund Trust) already has two properties in Alberta, the addition of these units will allow for operating efficiency with regards to salaries, repairs and maintenance, and capital expenditures through the sharing of resources.
Attractive to Residents: Units have in-suite laundry, high efficiency appliances and high-end finishes. The building itself also offers premium condo-style amenities which is attractive to residents.
LOCATION:
Situated in a family-friendly area of Northeast Edmonton, Henday Suites offers easy access to downtown Edmonton via major highways and public transit. Families can walk to great schools and recreational spaces and only minutes away are amenities such as Manning Town Centre, restaurants, shopping, and entertainment options.
The convenient location maintains its peaceful ambiance and is a draw for nature lovers with greenspace, parks and the North Saskatchewan River Valley in proximity.
PROPERTY AND UNIT DETAILS:
Henday Suites is a mid-rise 4-storey rental building with 277 suites and 394 parking spots (229 indoor and 165 outdoor). Amenities in suites include laundry, quartz countertops, wide-plank flooring, private balconies and high-efficiency appliances. Building amenities include gym and yoga room, theatre and social rooms, rooftop patio with bbq’s, bike room, pet wash, and storage lockers.
