- What GSK Properties has bought the 105-unit Station on Whyte in Edmonton
- Why The building also has 23,000 sq ft of retail space
- What next Rent for one-bedroom units starts at $1,550
A rental and retail building has sold in Edmonton for $31.9m, Green Street News can reveal.
The Station on Whyte, at 8128 102 Street NW, in the city’s iconic Whyte Avenue area, was purchased by GSK Properties from GWL Realty Advisors. The deal closed on Sept. 3. Marcus & Millichap’s IPA division brokered the deal.
The capitalization rate on the deal is estimated to be around 5.5%. The purchaser used bridge financing to finance the deal.
The building was constructed in 2014 and has 105 rental units, some with vaulted ceilings. There’s also 23,000 sq ft of retail space.
Rent for one-bedroom units start at $1,550, according to GSK’s website, with units peaking at $2,150 for a two-bedroom unit with a den and two bathrooms.
Underground parking is included, and the building has a fitness area.
