- What An Edmonton apartment complex has traded for $70.7m
- Why It marks the final sale in Carlisle Group’s disposition of Edmonton assets
- What next The new owner is Blackridge
A 283-unit apartment complex in Edmonton has traded for $70.7m to HZT Acquisitions, owned by Blackridge, Green Street News can reveal.
Marcus and Millichap’s IPA division brokered the sale of Cachet at Heritage Valley on behalf of Carlisle Group, with the price translating to a capitalization rate just shy of 5%. The valuation works out to $250,000/unit.
Cachet at Heritage Valley, at 3503 James Mowatt Trail SW, is a five-storey building in the Allard neighbourhood in south Edmonton. It is near Allard Park, Dr. Anne Anderson High School, and shops and restaurants. The complex is 15 km from downtown Edmonton and 4 km from Highway 216.
The sale marks the final move in Carlisle Group’s disposition of its City Vibe Development properties in Edmonton. Over the last year, Carlisle has offloaded several purpose-built rental properties in the city as it refocuses its business on the Calgary market.
In December, the company sold the Emerald Place apartments to Vancouver’s Oneka Land Co. for $92m.
Blackridge is a Montréal-based real estate investment company with a portfolio of residential, industrial and hotel assets mostly in Québec.
