Property Purchase
Park Square Apartments, Edmonton, AB
WHY WE CHOSE TO ADD THIS PROPERTY TO OUR PORTFOLIO:
Operating Efficiency: This is our second multi-residential property in Alberta, allowing for operating efficiency with regards to salaries, repairs and maintenance, and capital expenditures through the sharing of resources.
Economic Factors: Edmonton is known for having a young, resilient, and highly educated population and a diversified economy. Non-energy investment has remained strong in recent years and downtown Edmonton has undergone a huge revitalization.
Prime Location: Located in a busy and dynamic part of downtown Edmonton, affording residents easy access to an abundance of services and amenities
Attractive Suite Mix: 98% of the suites are two-bedroom, two-bath layouts, catering perfectly to downtown Edmonton’s demographic.
Institutionally Managed & Maintained: The property has been institutionally owned and managed by well-recognized companies since 2002. It is clean, quiet, and well-maintained.
Rental Rate Upside: Comparing the average rental rates being achieved at the property to the market rental rates for each suite type, there is potential for a 14% upside in rental rates at turnover.
Desirable Building Features & Amenities: This amenity-rich property has a fitness centre, fully equipped social room, storage space, and a rooftop lounge with stunning, unobstructed views of the picturesque Edmonton River Valley.
LOCATION:
Park Square Apartments is ideally located in downtown Edmonton, overlooking the scenic River Valley. The property is walking distance to Edmonton’s core, ICE District, rapid transit, and an abundance of services and amenities including grocery stores, banks, restaurants, bars and retail. Additionally, the Property is an eight-minute walk to Central LRT Station, and a 10-minute walk to Bay Enterprise Square LRT Station, with easy access to a variety of bus routes, for convenient commuting.
PROPERTY AND UNIT DETAILS:
This premium high-rise rental tower has 158 units and 21 storeys, including five floors of open-air parking with 195 stalls.
Suites are spacious, ranging from 850-1050 sq. ft., and feature luxury vinyl plank flooring, quartz countertops, stainless-steel appliances, in suite laundry and an electric fireplace.
Condo-style amenities include a fitness centre, social room, and a rooftop lounge with incredible views of the city and the scenic Edmonton River Valley.
Purchase Price
Address: 10001 Bellamy Hill RD NW, Edmonton, AB
Purchase Date: Dec. 6th, 2022
Year Built: 1975
