- What Hazelview is looking to offload a Halifax apartment building for $17.25m
- Why Significant improvements were made to the property after acquisition
- What next CBRE has the listing
Hazelview Properties has listed an apartment building in Halifax for $17.25m, or about $278,000/unit.
The four-storey, 62-unit building is at 26 Carrington Place. Units comprise 18 one-bedroom suites, 25 two-bedroom suites and 19 three-bedroom suites. CBRE has the listing.
The 2-acre property last traded in May 2020 for $12.5m, or $202,000/unit. Since then, the building has received over $500,000 of upgrades — $167,000 for in-suite renovations and $377,000 for capital upgrades including common area, structural and building system improvements.
Twenty-six of the units have been renovated, with two transformed into luxury suites. Amenities include in-suite laundry, balconies, storage lockers and parking.
Average rent is $1.45/sq ft. With market rents roughly 40% above that, there is the potential for rental upside equivalent to an additional $627/unit.
The surrounding Clayton Park neighbourhood has a vacancy rate of 0.6%, according to marketing materials, and has seen year-over-year rental growth of 13%.
The property is roughly 8 km from downtown Halifax and is 2 km north of the SmartCentres Halifax shopping plaza with dozens of retailers including Canadian Tire, Costco, Toys R Us, Walmart, a movie theatre and restaurants.
A number of notable apartment buildings in Halifax have traded this year. In June, a midrise building at 461 Larry Uteck Boulevard sold for $27.1m, according to Green Street’s Sales Comps Database. That same month, Canadian Apartment Properties REIT picked up the Grafton Park Apartments at 1535 Brunswick Street for $29.4m.
