- What An Edmonton apartment building has changed hands
- Why The 89-unit building sold at a 5% cap rate
- What next The property was bought by Lankin Investments
Lankin Investments picked up an 89-unit Edmonton apartment building for $29.4m, Green Street News can reveal.
Greenstone Park, at 11350 128 Street NW, sold for about $330,000/unit with the price translating to a 5% capitalization rate. Marcus & Millichap’s IPA division had the marketing assignment on behalf of Abbey Lane Homes.
Suites in the four-storey building start at $1,650 for a 790 sq ft one-bedroom unit and peak at $2,300 for a 1,100 sq ft two-bedroom unit.
In the city’s northwest, the Greenstone is close to the Telus World of Science and has a variety of dining options nearby. It is 4km from downtown Edmonton and 2km from the Yellowhead Highway.
Edmonton has seen several high-priced multifamily trades so far this year, according to Green Street’s Sales Comps Database, the highest of which was Canadian Apartment Properties REIT’s $79.4m acquisition of the MacLaren.
Lankin Investments is an Ontario-based real estate investment firm managing more than $2bn in assets. The company is rapidly expanding its portfolio and previously invested in Edmonton with the $67m purchase of the 177-unit Park Centre Place in September.
Abbey Lane Homes is a property development company specializing in purpose-built rentals.
