- What Lyfe Residences in Marda Loop has been sold
- Why The transaction increases Groupe Denux’s footprint in the city
- What next The company intends to hold on to the property
A 135-unit apartment complex in Calgary changed hands for $42.2m over the holidays, Green Street News can reveal.
ICM Property Services sold Lyfe Residences, at 2410 33 Avenue SW, to Castera Properties for about $313,000/unit. The price works out to a 4.5% capitalization rate. Marcus & Millichap’s IPA division brokered the transaction.
The property is in Calgary’s Marda Loop, a vibrant neighbourhood with abundant retail and dining options 4.5 km southwest of downtown Calgary.
Suites range from studio apartments starting at $1,450, one bedrooms at $1,750 and two bedrooms at $1,825. Amenities include a fitness centre, a rooftop patio and underground parking.
Castera is a subsidiary of Groupe Denux, a Victoria-based property company specializing in multifamily assets. The purchase expands the company’s portfolio in Calgary after building the 33-unit Mantra two years ago.
