BURLINGTON, ON, Dec. 7, 2022 /CNW/ - The Equiton Residential Income Fund Trust (The Apartment Fund) is pleased to announce the acquisition of a premium high-rise rental tower in Edmonton, Alberta. The purchase price for the property was $23.75 million.
Park Square Apartments has 158 suites and 21 storeys, including five floors of open-air parking with 195 stalls. This property is in a premier location in downtown Edmonton overlooking the scenic River Valley, walking distance to Edmonton's core, ICE District, rapid transit, and an abundance of services and amenities.
Suites feature luxury vinyl plank flooring, quartz countertops, stainless-steel appliances, in-suite laundry and an electric fireplace, with 98% of the units being two-bedroom, two-bath layouts ranging from 850-1050 square feet. Condo-style amenities include a fitness centre, social room, and a rooftop lounge with incredible views of the city and the scenic Edmonton River Valley.
The Apartment Fund specializes in acquiring multi-residential properties in Canada and increasing their value through active management, with a targeted net return of 8%‑12% per year. Investors in the Fund receive the yield from rental income and participate in the growth of the underlying properties.
This is the second acquisition by the Apartment Fund in Alberta, following closely on the purchase of Emerald Hills Landing in September. Edmonton has a stable, diversified economy and non-energy investment has remained strong in recent years. Downtown Edmonton has also recently undergone a huge revitalization.
The Apartment Fund now comprises 31 properties in 17 communities in two provinces, with a total of 2,379 residential units.
"Equiton is proud to be investing in Edmonton and further expanding our presence in Alberta with this property, which is an excellent fit with our existing portfolio. With its prime location, amazing views, desirable amenities and ideal suite layouts, this building will be very appealing to residents," commented Jason Roque, Equiton Founder and Chief Executive Officer.
Equiton Living will manage the property and rental inquiries can be made at www.equitonliving.com.
Proudly Canadian owned and operated, Equiton is a leading private equity firm that delivers notable returns for investors. We believe in making private real estate investing accessible to all Canadians and provide easy access to all types of investment grade real estate through our proven, high-performing investment solutions. We offer true diversification, full transparency, and all the benefits of real estate investing without the difficulties of financing, tenant management, building maintenance or project management.
For more information, visit www.equiton.com.
SOURCE Equiton
Kathy Gjamovska, VP, Marketing & Communications, [email protected], 289-208-0817
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