- What Arcadia Place in Edmonton was sold to a private investor
- Why The seller is shifting to focus on the Calgary market
- What next The building will continue to operate as rental homes
A private investor from Vancouver has snapped up an apartment building in northeast Edmonton for $37.9m.
The 159-unit Arcadia Place, at 1265 and 1269 McConachie Boulevard NW, is fully leased. The buyer, Wendy Cheung, will earn a capitalization rate of just over 5%, Green Street News can reveal.
Marcus & Millichap’s IPA division brokered the off-market transaction, which closed on Aug. 16. The seller was Calgary-based Carlisle Group.
Cheung intends to continue operating the building as a rental property. Last year, she purchased the Cedar Ridge Apartments in Calgary from Capreit for about $54m.
Carlisle had operated Arcadia Place via its City Vibe division, but the company is moving to focus on the Calgary market.
City Vibe has five other rental buildings in the Edmonton market, according to its website, and 12 properties in Calgary.
