- What A multifamily property with retail space is for sale in Edmonton
- Why Owner Devereaux Group converted office space to residential lofts
- What next Marcus & Millichap’s IPA division is marketing the property
An apartment building in Edmonton is on the block for $51.9m, Green Street News can reveal.
Raymond Block, at 8155 105 Street NW, has 108 residential units plus 30,000 sq ft of retail and office space. The building is expected to sell at a low 5% blended capitalization rate. Marcus & Millichap’s IPA division is marketing the property on behalf of owner Devereaux Group.
Devereaux bought the building about two years ago for $50m and invested about $2.5m of upgrades, converting two-thirds of what was then office space into residential loft units. The building is almost a full retail and residential occupancy.
Suites available on Devereaux’s website range from 632 sq ft to 1127 sq ft. Rent for the largest of those units, with two bedrooms and two bathrooms, is $2,104.
Raymond Block is in Edmonton’s Whyte Avenue corridor, home to pubs and restaurants. The city’s downtown is 3 km away.
