Castledowns Pointe

Edmonton, Alberta

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Building

Stats

Property Type Multifamily - Low-Rise/Garden
Building size (SF) 74,000
Size (Ac) 2.23
Price $16,950,000 CAD

Overview

The Property is located in the Castledowns area in

North Edmonton. Surrounded primarily by single family homes, it is less than 2 kilometers from the Pembina retail node, which includes Palisades Shopping Centre, North City Centre, and Skyview Centre, totaling over 1.25 million SF of commercial space. The increasing demand for new multifamily products in the Northwest region continues to compress vacancy to a historical market low. Currently, Edmonton’s Northwest submarket has limited rental product. As demand continues to outpace new rental supply, vacancy rates have decreased by 1.0% from Q4 2022 to Q4 2023 in the Castledowns region. Demand and value for affordable rental products are expected to increase as new migrants continue to enter Edmonton, putting upward pressure on rental rates. In Q4 2023, the Northwest experienced the largest quarterly rental rate increase at 8% to $1.95 PSF.

Highlights

Castledowns is revered as one of the strongest rental markets in Edmonton. Few areas present a greater gap of updated/renovated apartment options.

The Property has little competition as few apartment complexes were constructed in the 1990’s and 2000’s.

The best use of the site is utilizing the existing apartment project. However, the site totals 2.15 acres of DC2 land, which provides a reasonable starting point for future development

At list price the cost per square foot is $230, far below the current cost of new multifamily construction (roughly $310/SF).