BURLINGTON, ON, Sept. 22, 2022 /CNW/ – The Equiton Residential Income Fund Trust (The Apartment Fund) is pleased to announce the acquisition of a recently built, multi-family residential property in Sherwood Park, Alberta. The purchase price for the property was $27.75 million.
The property is located at 200 Edgar Lane in Sherwood Park, Alberta, less than 20 minutes from downtown Edmonton. This acquisition marks Equiton’s entrance into Western Canada in keeping with its strategy to geographically diversify its portfolio.
Construction of Emerald Hills Landing was completed in 2022. This adult lifestyle property has four storeys, 104 units, and 115 combined indoor and outdoor parking spots. It’s close to many amenities and major highways, and it offers spacious suites with sought-after luxury features including quartz counters, stainless-steel appliances, and in-suite laundry.
Post-acquisition, the Apartment Fund comprises 30 properties in 16 communities in two provinces, with a total of 2,221 residential units.
“We are truly excited to be expanding our presence beyond Ontario with this acquisition,” commented Jason Roque, Equiton Founder and Chief Executive Officer. “This is an opportune time to invest in Alberta because the economy is starting to rebound, which will result in an influx of residents, decreasing vacancy rates, and an increase in property values. Furthermore, the Greater Edmonton area has a relatively stable economy, given that it is the seat of the Government.”
Equiton Living will manage the property and rental inquiries can be made at www.equitonliving.com.
The Equiton Apartment Fund is a private real estate investment trust that has proven itself as a steady and strong performer in the Canadian Private Real Estate and Alternative Investing arenas. The strategy of the Fund is to acquire existing multi-residential properties and select new developments and apply its expertise and comprehensive management approach to create significant value for investors.
To learn more about Equiton, please visit our website at www.equiton.com.
For further information: Kathy Gjamovska, VP, Marketing & Communications, [email protected], 289-208-0817