NexLiving Communities Completes Acquisition of Fourth Village View Suites Property in Saint John, NB
HALIFAX, NS, June 30, 2021 /CNW/ - NexLiving Communities Inc. (TSXV: NXLV) ("NexLiving" or the "Company") announced today that it has completed the previously announced acquisition of Village View No. 4 Limited Partnership, whose sole asset is a 47 unit multi-family rental property located at 49 Noel Avenue, Saint John, New Brunswick ( "49 Noel" or the "Acquisition").
The Village View Suites development is comprised of four high quality buildings (41, 50, 51 and 49 Noel Avenue) and is located in the growing Saint John, NB sub-market of Millidgeville. It is situated at the intersection of the Saint John and Kennebecasis Rivers. Each of the premium properties offer high-end living spaces with granite countertops, stainless appliances, dishwasher, microwave range hood, washer and dryer, walk-in closet, ensuite bathrooms and private balconies. Common areas include gym facilities, media and community room and storage lockers. Two of the properties offer heated underground parking spaces. The development is a close distance to the city centre, Horizon's Saint John Regional Hospital, the University of New Brunswick and an abundance of nearby shopping, dining, and community centres.
NexLiving acquired 41 Noel in August 2018, 50 Noel in April 2019 and 51 Noel in December 2020. The acquisition of 49 Noel gives NexLiving all of 167 units in the Village View Suites development.
NexLiving's CEO, Mike Anaka, commented "We are very pleased to complete the acquisition of all four properties in the Village View Suites. The ability to complete follow-on transactions with merchant developers is a key component of our growth strategy. Our continuing and growing relationship with Irongate Developments and other merchant developers is a fundamental component contributing to our significant and expanding pipeline of near term acquisition opportunities."
Stephen Brittain, President of Irongate Developments commented "We see our relationship with NexLiving as a significant component of our development plans. Completing projects with a potential and well qualified acquiror identified in advance broadens our opportunities both internally and with third parties. We are very comfortable with the multi-family market as an asset class and NexLiving as a business partner. That's why for each of the Village View transactions we have taken a growing portion of the consideration in shares rather than selling out completely".
About the Company
NexLiving continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada. The Company aims to satisfy the needs of the newly emerging 55+ resident. The demographic that has changed the world is now changing the way residential rental apartments cater to their requirements. Their desire for community, along with service and convenience amenities has led to the emergence of the 55+ active living segment. Apartments are the next "home", after years of owning they look forward to the carefree lifestyle provided through renting in a community of their peers. NexLiving intends to consolidate this emerging market niche. The Company currently owns 549 units in New Brunswick and Ontario. NexLiving has also developed a robust pipeline of qualified properties for potential acquisition. By screening the properties identified to match the criteria set out in the Company business plan (proximity to healthcare, amenities, services and recreation), management has assembled a significant pipeline of potential acquisitions for consideration by the Company's Board of Directors.
Forward-Looking Statements
This news release contains forward-looking statements relating to the future operations of NexLiving and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of NexLIving Communities Inc, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from NexLiving Communities Inc.'s expectations include other risks detailed from time to time in the filings made by NexLiving Communities Inc. with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of NexLiving Communities Inc. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and NexLiving Communities Inc. will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE NexLiving Communities Inc.
Michael Anaka, Chief Executive Officer, 902-440-7579; Stavro Stathonikos, President, 416-876-6617
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