- What A three-property portfolio in Trail, B.C., has traded for $15m
- Why The properties comprise 119 residential rental units
- What next Metro Vancouver’s Highliving Properties bought the package, significantly increasing their presence in Trail
A three-property portfolio in Trail, B.C., was picked up by Highliving Properties for $14.9m in an off-market deal, Green Street News can reveal.
The sale took place in late February at a 5.9% cap rate for the properties that add up to more than 7 acres. Trail Apartment Holdings was the seller.
Avison Young brokered the deal for the portfolio, consisting of 119 units. The price works out to about $125,000/ unit.
The properties include Bella Vista at 1976 Seventh Avenue, Francesco’s Estates at 3550 Highway Drive and Ermelinda Estates at 3188 Highway Drive.
Bella Vista is a 48-unit townhouse rental on a 3.5-acre parcel, Francesco’s Estates has 30 units on 2 acres of land and Ermelinda Estates consists of 41 units on 2 acres of land.
Highliving Properties is a Metro Vancouver-based residential rental company with several assets throughout B.C. and Alberta.
This latest portfolio purchase brings its presence in Trail to four properties.
Trail is a city of about 9,000 in B.C.’s Kootenay region about 390 km east of Vancouver.
