- What The Louvre in Edmonton has hit the market, seeking north of $100m
- Why The building, completed in 2022, is stabilized
- What next The building’s sale could be the largest in Edmonton in at least five years
ProCura Real Estate Services is floating a 358-suite apartment building in Edmonton and is seeking more than $100m, Green Street News can reveal. The price would translate to just under a 5% capitalization rate.
Bradley Gingerich and Bradyn Arth of Marcus & Millichap’s IPA division have the marketing assignment for the four-storey building at 11025 26th Avenue NW.
Completed in 2022, the Louvre at Century Park’s rental base is fully stabilized. One bedroom, 433 sq ft units start at $1,595. Two bedroom, 690 sq ft units start at $1,895.
The property has more than 10,000 sq ft of retail space on the main floor. The retail space is home to Century Park Animal Hospital, BE Coffee, Hot Slice Pizza and others. It has 374 parking stalls.
According to the Green Street’s Sales Comps Database, only three apartment buildings in Edmonton have sold for more than $90m since 2020.
The largest sale was the January 2020 sale of the Mayfair on Jasper for $100m. With the Louvre expecting to breach the $100m mark, it would be the largest single sale in at least five years. In May 2024, a complex at 2701 Maple Way NW traded for more than $91m.
The Louvre is within a quick walk to the Century Park LRT Station. Units feature in-suite laundry and balconies. The building also has a courtyard gym, library and other amenities.
ProCura is an Edmonton-based real estate development and management company. Over the past 20 years, the company has completed more than 2,500 multifamily units and 2m sq ft of commercial and residential real estate.
