- What A 10-property residential portfolio, including one commercial property, has sold in Winnipeg
- Why Royal Realty offloaded the portfolio via a share sale
- What next The new owner is Thorwin Properties
A 397-suite apartment portfolio in Winnipeg has sold for more than $70m in the city’s largest transaction across all sectors in at least five years, Green Street News can reveal.
The Royal Winnipeg apartment portfolio comprises 10 multifamily buildings and one 15,000 sq ft commercial property. Capital Commercial Real Estate Services had the marketing assignment on behalf of Royal Realty.
The portfolio was purchased by Thorwin Properties, a Winnipeg-based property management company, via a share sale. The deal closed in March.
The properties in the portfolio are spread throughout Winnipeg and comprise:
- Briarwood Apartments, at 2331-2335 Pembina Highway, with an average rent of $1,300
- 88 South Park, at 88 South Park Drive, with an average rent of $1,520
- Palm Gardens, at 1051 Taylor Avenue, with an average rent of $1,100
- Taylor Heights Manor, at 1740 Taylor Avenue, with an average rent of $1,200
- Rossmere Plaza, at 359 Edison Avenue, with an average rent of $1,030
- Rossmere Manor, at 365 Edison Avenue, with an average rent of $1,030
- Munroe Villa, at 1025 Munroe Avenue, with an average rent of $1,150
- Oak Park Walk, at 2-75 Oak Park Walk, with an average rent of $1,500
- Olympia Court, at 335 Talbot Avenue, with an average rent of $960
- Carmel Gardens, at 291 St. Anne’s Road, with an average rent of $1,300
The campaign touted as selling points Winnipeg’s stable rental market and the strategic locations of the buildings in the portfolio.
According to Green Street’s Sales Comps database, the $70m sale is the largest in the city since at least January 2020, when another apartment portfolio sold to Skyline Apartment REIT for $71.6m.
