- What Castleview Park in Calgary has sold for $25m
- Why The vendor purchased the property in 2010 for $14.7m
- What next The new owner is a company started by Platinum Properties
A 120-unit multifamily rental complex in Calgary has traded for $25m, Green Street News can reveal.
Castleview Park, at 79 Castleridge Drive NE, comprises 10 buildings in the northeast end of the city. Avison Young brokered the deal on behalf of Prestigious Properties.
The complex sold to a new company owned by Platinum Properties Group, with the price translating to a capitalization rate of 4.3%. The valuation works out to about $208,000/unit.
Of the $25m sale price, about $4.4m was in cash. The buyer assumed a $12.4m Canada Mortgage and Housing Corp. loan, which matures in March 2026, at which point the cap rate is projected to increase to 5.3%. Prestigious provided a roughly $8.3m vendor take-back mortgage until the first loan matures.
Castleview Park is in a neighbourhood of mostly single-detached homes. It has one-bedroom and two-bedroom units ranging from 725 to 945 sq ft.
The complex is near Castleridge Plaza, a grocery-anchored retail complex with a variety of food and shopping options. It is also next to St. John Paul II Elementary School. Downtown Calgary is 10km away and Calgary International Airport is 4 km away.
Prestigious Properties, a Canmore, Alta.-based multifamily investment firm, purchased the complex in 2010 for $14.7m.
