Description

Jones Lang LaSalle Real Estate Services, Inc. (“JLL and/or the “Advisor”) has been retained on an exclusive basis to offer for sale a 100% freehold interest in Hazelmoor Apartments and Dominique Apartments, located at 6218 - 40 Avenue and 6210 - 40 Avenue in Stettler, Alberta (collectively, the “Properties” and/or the “Offering”; individually, the “Property”).

The Offering is comprised of two, well-maintained, low-rise residential rental buildings. Hazelmoor Apartments is comprised of 31 suites while Dominique Apartments offers 27 suites, with a combined total of 58 rental suites. The Properties are positioned adjacent to each other, providing the potential purchaser with significant operational benefits.

The Properties are within a short drive to several amenities including Stettler Recreation Centre, Stettler Sports Park, Stettler Elementary School, William E. Hay Stettler Secondary Campus, and the retail amenities along 50 Avenue.

The Properties are being offered with a list price of $6,380,000 ($110,000 per suite). The Vendor reserves the right to call for offers at a future date. No offer, regardless of form or content, will create any binding legal obligation upon the Vendor or the Advisor until fully executed by the Vendor and Purchaser.

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Attributes

Number of units

Year built

1977

Asking price

₩6,607,932,000

Hazelmoor & Dominique Apartments (2 Properties)

Media

Investment Highlights

Adjacent Properties Offering Operational Efficiencies - The Properties sit adjacent to each other, offering direct exposure to 40 Avenue. The Properties’ locations create significant operational efficiencies, allowing a new owner to streamline management, reduce overhead, and centralize services.
Recent Capital Expenditures - The Properties benefit from extensive renovations over the past five years positioning the Properties as premium offerings in the local market.
Upward Pressure on Rents - A tight rental market in Stettler is driving down vacancy and putting upward pressure on rents.
Rental Rate Upside Potential - Potential opportunity to increase rents given the Properties premium offerings and delta of 22% relative to the competitive set.
Ability to Place High Leverage CMHC Financing - Offered free and clear, the Properties allow a purchaser to immediately pursue new CMHC MLI Select financing or CMHC Standard Financing.
Strategic Location, East-Central Alberta Hub - Stettler stands as an economic pillar of East-Central Alberta, serving as the primary commercial and service hub for a vast surrounding region.