- What Erin Ridge Gate has been sold to a Montréal-based company
- Why The sale is the latest from City Vibe, which is shifting its focus to Calgary
- What next The purchased was financed at about 95% LTV
City Vibe Developments has sold a 142-suite apartment complex in St. Albert for $33.4m, Green Street News can reveal.
Montréal-based Federico Berloni bought the property at a 5% capitalization rate. The company received a mortgage at a 95% loan-to-value ratio to help fund the deal.
Marcus & Millichap’s IPA division brokered the deal, which works out to about $235,000/unit.
Erin Gate Ridge, at 65 Element Drive North, was built in 2015. Rent for a two-bedroom unit starts at $1,420, and a three-bedroom apartment starts at $1,680.
The building has heated underground parking and open-concept living spaces. It’s near shopping centres.
St. Albert, with 72,000 people, is 16 km northwest of downtown Edmonton.
The deal is the latest sale of assets from City Vibe Developments, part of Carlisle Group, which has been selling Edmonton assets to focus on the Calgary market.
Several of City Vibe’s sales have been handled by M&M’s IPA division, including the $92m disposition of Emerald Place in late November.
