- What Lankin Investments has acquired Park Centre Place at a roughly 5% capitalization rate
- Why The firm paid $67m for the property via its Lankin Apartment REIT
- What next The REIT is a new vehicle for the firm
A new apartment complex in suburban Edmonton has traded at a roughly 5% capitalization rate, Green Street News can reveal.
Ayrshire Group of Calgary sold the 177-unit Park Centre Place in Sherwood Park to Lankin Investments’ Lankin Apartment REIT for $67m, or $379,000/unit. The complex was at about 80% capacity when the deal closed last month. Cushman & Wakefield had the marketing assignment.
Rent for the studio to three-bedroom apartments ranges from $1,300 to $2,500. Amenities include a gym, e-bike charging stations, grills and parking.
The complex, at 2014 Sherwood Drive, is 700 m from the Sherwood Park Mall and is close to the Strathcona County Library and St. Theresa Catholic School.
Sherwood Park is 15 km east of downtown Edmonton.
Lankin Apartment REIT is a new vehicle from Woodbridge, Ont.-based Lankin, which has $1bn of assets under management.
