- What Oneka Land Co. has purchased another apartment complex in the Edmonton area
- Why Emerald Hills apartments sold at a 5.15% cap rate
- What next Rental rates start at $1,575 for a one-bedroom
Oneka Land Co. has expanded its multifamily footprint in the Edmonton area with the purchase of a Sherwood Park complex for $48.9m, Green Street News can reveal.
Emerald Hills apartments at 5000, 5400 and 5500 Clover Bar Road was sold in the past two weeks by Skyline Apartment REIT at a capitalization rate of 5.15%. The price works out to $235,000/unit.
Marcus and Millichap’s IPA division had the marketing assignment for the low rise complex, built in 2014.
Exact occupancy was unavailable, but Emerald Hills has 76 one-bedroom and 132 two-bedroom suites with a track record of low vacancy rates. Rents for one-bedroom units start at $1,575 with two-bedroom units starting at $1,670.
Amenities in the complex include balconies, an outdoor patio, a dog run and bike racks.
About 15km from downtown Edmonton, it is nearby several shopping and dining options, including a Tim Hortons, Save-On-Foods and Canadian Tire.
The deal is the latest, but not the largest, acquisition for Vancouver-based Oneka. Last May the company purchased the 365-unit Maple Crest Place in Edmonton for $91m.
It followed up in December with the purchase of the 361-unit Emerald Place in Sherwood Park for $92m. The company now owns 21 properties in the Edmonton area.
