- What Galen Lofts has changed hands
- Why Buyer Avala specializes in undervalued properties
- What next The firm intends to turn the short-term rental building into one-bedroom apartments
A joint venture between Alberta Investment Management Corp. and Westcorp Property Management has sold a short-term rental property for $8.8m, Green Street News can reveal.
Avala Equities purchased the 35-unit Galen Lofts for about $143,000/unit and $55,000 per ground-floor commercial stall. The blended capitalization rate works out to 6.3% for the five-storey building. Avala intends to turn them into one-bedroom apartments.
Marcus & Millichap’s IPA division brokered the deal on behalf of AIMCo and Westcorp.
Galen Lofts, at 8409, 112 Street NW, is across the street from the University of Alberta and 3 km south of downtown Edmonton. Retail tenants include Burger King, Barburrito and Coco Cafe.
Suites average 520 sq ft. Built in 1964 it underwent a conversion in 1999 and has about 4,300 sq ft of retail space.
Avala Equities is a private real estate investment firm specializing in undervalued properties. Its portfolio spans Edmonton, Calgary and Vancouver, with $120m of assets under management.
Crown corporation AIMCo has $168.9bn of assets under management, comprising real estate, infrastructure, renewable resources and other investments.
Westcorp is an Edmonton-based real estate firm operating in Edmonton, Calgary and Kelowna.
