- What Oneka Land Co. has purchased a 361-unit apartment building in Edmonton
- Why The deal has been in the works since the building was under construction
- What next It comes as Carlisle sells Edmonton assets to focus on the Calgary market
An apartment complex in greater Edmonton has been sold by Carlisle Group for $92m, Green Street News can reveal.
The 361-unit Emerald Place, at 110 Edgar Lane in Sherwood Park, was purchased by Oneka Land Co. at a capitalization rate of about 5.5%. The purchase price works out to about $255,000/unit.
Marcus & Millichap’s IPA division brokered the transaction. The purchase was in the works while the property was under construction and closed recently.
Emerald Place is about 16 km east of downtown Edmonton, with quick access to Highway 16. It is about 35 km northeast of Edmonton International Airport.
The property is also near Strathcona Community Hospital and a Walmart Supercentre.
The deal brings the number of suites purchased by Vancouver-based Oneka to 1,176 over the last year. The company purchased another Edmonton property in May for $91m. It now has 14 properties in the Edmonton area.
May’s acquisition was also purchased from Calgary-based Carlisle, which has been selling properties in Edmonton through its City Vibe operation as it moves to concentrate on the Calgary market.
Sherwood Park is a community of about 75,000 residents in the Edmonton area.
