- What Renoir Management is looking to offload its West Tenth apartment building in Calgary
- Why The project finished construction earlier this year
- What next Marcus & Millichap’s IPA division has the listing
Renoir Management’s recently completed West Tenth apartment building in Calgary is on the block and expected to sell in the high-$50m area, Green Street News can reveal.
The midrise building, at 1400 10th Avenue SW, contains 106 fully occupied residential units as well as main-floor retail space. At the expected valuation, the capitalization rate would be in the mid- to high-4% range.
Marcus & Millichap’s IPA division is marketing the property. A bid date has not been planned, though that may change depending on interest levels.
There is roughly $45m of assumable debt available at a 3.75% interest rate on a 10-year term.
Average rent for the studio to two-bedroom apartments is $2.65/sq ft, with room to increase to $2.95.
Amenities include a rooftop patio with grills, a gym and a game room. The retail spaces are occupied by a deli, a restaurant and a coffee shop.
West Tenth is in the West End of Calgary’s bustling Beltline neighbourhood, with an abundance of nearby restaurants and shops. It is also 400 m south of the Bow River, providing quick access to waterfront walking and cycling paths.
