- What A 132-unit apartment building is up for grabs near the University of Alberta
- Why The developer is aiming to sell at a 4.5% cap rate
- What next The newly built property is currently leasing
A luxury apartment building in Edmonton has been floated for $41.8m, representing a 4.5% cap rate, Green Street News can reveal.
University 114, at 11329 University Avenue NW, is a six-storey wood-framed rental building with 132 suites. It has a net rentable area of 80,000 sq ft. The price works out to about $317,000/ unit.
The seller, 114 Development Group, has tapped Marcus & Millichap’s IPA Division for the marketing assignment. The building, completed in 2024, is now open for leasing.
The property is located next to the University of Alberta, according to marketing materials, providing consistent demand for rental units.
It consists of four studio apartments, 105 one-bedroom units and 23 two-bedroom apartments.
Studios currently start at $1,363, one-bedroom apartments at $1,498 and two-bedroom units at $2,268. The suites range in size from 349 sq ft to 846 sq ft.
The building has 60 underground parking stalls and 66 bike lockers. It also has a dog-wash station and courtyard space.
University 114 is about 2 km from Downtown Edmonton, in a neighbourhood surrounded by amenities.
