- What A luxury apartment complex in Edmonton has been sold for $47.8m
- Why The seller bought the building in recent years for approximately $42m
- What next The new owner is Parabelle Properties
A 190-unit luxury apartment building in Edmonton has traded at a 4.85% capitalization rate, Green Street News can reveal.
The La Vie, at 1790 Keene Crescent SW, sold for $47.8m on Monday, with Marcus & Millichap’s IPA division brokering the off-market deal. The sale works out to about $251,000/unit.
Parabelle Properties purchased the building from Heritage Valley Capital, which bought it for about $42m a few years ago.
Located in southwest Edmonton, La Vie offers several amenities, including an indoor gym and underground parking. The property is located 15 km from downtown Edmonton.
Parabelle Properties is an Edmonton-based family business specializing in residential assets. The company has more than two dozen rental properties in Edmonton; Fort Saskatchewan, Alta., and Grande Prairie, Alta.
The deal is the latest in Edmonton for Marcus & Millichap’s IPA division, which has seen a flurry of activity in 2024.
