The Prince George Apartment Portfolio
Cedar Tower | Hammond Tower | Parkview Place
FOR SALE
Property details
- Total Building size 209,467 sf
- Number of units 201
- Price per door $136,816
- Pricing guidance $27,500,000 (5.63% cap rate)
Opportunity
Avison Young is pleased to present a remarkable opportunity to acquire two concrete and one wood-frame institutionally owned, managed and upgraded rental apartment buildings comprising 201 units in Prince George, BC. The Properties all have significant rental upside with current rents below market rates and feature strong additional revenue from parking, laundry, storage and telecom. This offering presents an investor an opportunity to acquire superb scale in a rapidly growing and highly desirable rental market.
Property highlights
Superb balanced portfolio suite mix comprising 66 bachelor, 69 one-bedroom, 65 two-bedroom & 1 three-bedroom unit
Significant rental upside with current rents below market rental rates
Additional revenue generated from on-site parking, laundry facilities, storage lockers and telecom contracts
Institutionally owned and managed with various capital upgrades completed
On-site team manages the properties with regular maintenance, upkeep and cleanliness
All 3 properties are on local bus routes connecting residents to shopping, services, amenities and schools
Attractive assumable CMHC financing at 3.68% until 2027
Buildings can be acquired individually or collectively
