- What The 232-unit Secord Landing in Edmonton has changed hands
- Why Carlisle Group sold the property as it focuses on the Calgary market
- What next The new owner is Montréal-based Black Ridge
Montréal-based Black Ridge has snapped up a fully leased apartment building in West Edmonton, Green Street News can reveal.
The 232-unit Secord Landing traded for more than $57m, or $247,000/unit. The vendor was Calgary-based Carlisle Group, which has been selling its properties in Edmonton as it pivots to focus on the Calgary market.
Marcus & Millichap’s IPA division brokered the deal, which closed on Oct. 1.
Black Ridge financed its purchase with a 95% loan through Canada Mortgage and Housing Corp.’s MLI Select program. The firm will realize a first-year capitalization rate of 5%, with potential to increase that amid upward rent momentum in Edmonton’s apartment market.
The building, at 635 Secord Boulevard NW, was completed in 2023. Starting rents range from $1,348 for a one-bedroom apartment to $1,660 for a three-bedroom unit, according to Carlisle’s City Vibe website.
Amenities include a fitness centre, heated underground parking and balconies. The property is 9 km from West Edmonton Mall and 13 km from downtown Edmonton.
