10635 104 Street Northwest, Edmonton, AB, T5H 2W3, CA

Norwalk Apartments

Description

Jones Lang Lasalle Real Estate Services, Inc. (“JLL”) has been exclusively retained to offer for sale a 100% freehold interest in 10635 – 104 Street NW in Edmonton, Alberta (“Norwalk Apartments”). Norwalk Apartments presents the opportunity to acquire 30 residential suites in Central McDougall near downtown Edmonton.

The property is being offered with a list price of $3,495,000.00 ($116,500.00 per suite). The Property is available to prospective purchasers free and clear of any financial encumbrances. Expressions of interest to purchase will be reviewed as received. 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. Please sign and return the Confidentiality Agreement (“CA”) for JLL Data Room access.

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Attributes

Number of units

Year built

1982

Building area net

2,973 m²

Land area gross

1,394 m²

Zoning

Medium Scale Residential

Parking spaces

Number of buildings

Number of floors

Media

Investment Highlights

Desirable Location with Exceptional Access

Norwalk Apartments is situated in the central neighborhood of Central McDougall within walking distance to the downtown core, offering prime access to entertainment, dining, and public transit options. The property borders Edmonton’s ICE district, delivering world-class sports and entertainment, while MacEwan Station lies just a 5-minute walk away, providing immediate transit connectivity.

Strong Market Fundamentals

Edmonton is one of the few major cities to experience continued increases in rents. Affordability and economic opportunities are shifting population flows into the prairies, resulting in Edmonton being one of the fastest growing cities adding over 70,000 people amounting to an 4.2% increase YoY.

Suites Styles Catering to University Rental Demographics

Shortage of on-campus student housing, combined with Canada having one of the highest growth rates of international students increasing by 356% between 2019-2023, catalyzes Norwalk Apartments to benefit from this trend. 100% of the suites are one-bedroom catering well to Post-secondary students attending MacEwan University (within walking distance) NAIT and The University of Alberta (both easily accessible via the LRT).

Value – Add Rental Rate Upside

There is significant rental rate upside available at Norwalk Apartments to increase rental rates upon renewals/new leases. Executing a value-add strategy could increase average rents to $1,102 per the competitive set, amounting to an increase of 32% compared to Norwalk Apartments in-place rents.

Capitalizing on ICE Districts Continued Expansion

The continued infrastructure development of ICE District with the plans of developing the Event Park and the Village on the north side of Rogers Place positions Norwalk Apartments to benefit from the nearby amenities increasing demand from renters, and potentially increasing nearby land values. The Event Park will host a wide range of live events, performances, and festivals. While the Village will include green spaces, shops, and housing options, all contributing to the vibrancy of the area.