The Yorkton Equity Group said Wednesday it has acquired an apartment building and townhouse project in Fort St. John.
The company announced acquisitions of Canterbury Estates, a 21-unit townhouse project at 8408 92 Avenue, and Midtown Apartments, a 12-unit low-rise at 9827 97 Avenue. In a release, the company said it completed "extensive research" on the city's multi-family rental market, noting the city's strong population in-migration and job market growth.
“Further to our successful closing of our acquisitions in Kelowna, Langford (Victoria), and Penticton British Columbia, we are continuing with our acquisitions in the Fort St. John area consistent with our secure, aggressive growth business model,” said Yorkton President and CEO Ben Lui in a statement.
“Both properties are in good condition, close to full occupancy, and are excellent cashflow properties with an attractive spread between the mortgage rates and capitalization rates, which are exactly in line with our business model of building a growing portfolio of cash flowing multi-family rental assets with significant upside potential in strategic markets.”
Canterbury Estates, built in 2020, includes five buildings comprising 21 two-storey townhouse units. Midtown Apartments, building in 1979, includes a mix of two-bedroom, one-bedroom, and bachelor suites. The company says it has removed all buyer conditions on the two properties, with the transactions scheduled to close in January.
Email Managing Editor Matt Preprost at editor@ahnfsj.ca
