- What Capreit has purchased a 179-unit apartment building in Edmonton
- Why The luxury building is in a desirable neighbourhood near the city’s downtown
- What next Capreit is offering prospective tenants one month of free rent
Canadian Apartment Properties Real Estate Investment Trust has bought a 179-unit rental tower in Edmonton for $79.3m, Green Street News can reveal.
Westrich Pacific sold the 24-storey property, known as the View, at 9922 111 Street NW. Marcus & Millichap’s IPA division brokered the off-market transaction, which closed on June 24. The purchase price works out to roughly $443,000/unit.
The property opened last March and is in one of Edmonton’s most desirable neighbourhoods. Rents start at $1,930 for one-bedroom, $2,050 for two-bedroom and $3,325 for three-bedroom apartments.
Amenities for the pet-friendly building include a fitness room, a rooftop terrace and a concierge. Capreit is offering prospective tenants one month of free rent.
The article was revised to reflect the brokerage that handled the sale was Marcus & Millichap’s IPA division.
